March 2025
Agilitas Private Equity LLP (“Agilitas”), the pan-European mid-market private equity firm, today announces the signing of an agreement to back the buy-out of Tietoevry Tech Services (“the Company”), a division of Tietoevry, and a leading IT service provider in the Nordic region.
Tietoevry Tech Services traces its origin to Tieto and Evry and benefits from more than fifty years of experience developing critical IT solutions for local and global companies including public institutions. Tietoevry Tech Services is a provider of mission-critical services in cloud, data, applications and infrastructure in Finland, Sweden and Norway. It is a full-stack provider of IT services, encompassing managed services and consultancy related to cloud, application, cybersecurity, data and automation, as well as infrastructure services.
Tietoevry Tech Services employs more than 7,000 people and benefits from a well-invested asset base with data centres across the Nordic region. It is one of few dedicated IT service providers able to combine the professionalism of a global player with the reliability and local expertise required to serve public institutions and private companies in regulated industries. These include financial institutions, energy and governmental businesses where reliability, compliance, and a local presence providing a greater level of data security, are critical. Operating as a standalone company, Tietoevry Tech Services will continue to focus on its customers and their successful digital development.
Tietoevry Tech Services serves society by enabling business continuity and growth to private and public sector enterprises, some of which provide mission-critical services and operate in complex environments. Well-organised and high functioning IT is a key component of successful organisations and thriving economies.
Tor Midsem of Agilitas, who will be joining the board of Tietoevry Tech Services following the closing of the transaction, commented: “Strong digital transformation tailwinds are driving demand for high-quality IT solutions. Tietoevry Tech Services caters to this exact need, helping companies ensure they can operate and grow with a strong digital infrastructure and tailored IT solutions. We look forward to backing the management team in furthering its core mission to the benefit of its longstanding customers and will draw on our deep sector expertise in the region to support them.”
Satu Kiiskinen, Managing Director of Tietoevry Tech Services, said: “This marks a meaningful new chapter for our business, creating new potential for growth as well as an exciting opportunity for our customers and employees to be part of a platform that is well-positioned for future success. We look forward to working closely with the Agilitas team in this next phase of our journey.”
Kimmo Alkio, CEO of Tietoevry, said: “We are very pleased to have reached this agreement with Agilitas. It represents a major milestone in our pursuit to become an international software and digital engineering company, creating higher value for all stakeholders. Backed by Agilitas, Tietoevry Tech Services is well positioned to enhance its proposition to customers and employees and capture market opportunities, building on its leading position in the Nordics. This will be an exciting new era for both Tietoevry and Tietoevry Tech Services.”
The closing of the transaction is subject to regulatory approvals.
Advisors to Agilitas included: Citigroup Global Markets Limited, Pareto Securities AB, O’Melveny & Myers LLP, Ashurst, Avance Attorneys, Advokatfirman Vinge, Advokatfirmaet Wiersholm, Kinstellar, Magnusson, Shardul Amarchand Mangaldas & Co, EoS Deal Advisory, KPMG LLP, Strategy&, EY, Deloitte LLP and Marsh McLennan.
Media enquiries to: Greenbrook Communications – James Madsen and Teresa Berezowski
+44 20 7952 2000 | agilitas@greenbrookadvisory.com