Tieto, If P&C Insurance sign EUR160m IT outsourcing contract

28 June 2010 - Finnish insurer If P&C Insurance Holding Ltd, part of insurance and financial services group Sampo (HEL: SAMAS), has agreed to outsource its IT operations in the Nordic countries for five years to Finland-based IT consultancy Tieto Oyj (HEL: TIE1V), in a deal worth some EUR160m.

The co-operation between If and Tieto goes back to 2001, and at that time it covered only Finland, Tieto said today, adding that, during 2005, the co-operation expanded and If outsourced its server operations and end-user services in the Nordic countries.

The five-year delivery will be made in co-operation with Norwegian IT company Atea ASA (OSL: ATEA), which will contribute as a subcontractor on client services in end-user services, Tieto said today.

(EUR1 = USD1.2)

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