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December 20, 2004

TietoEnator boosts telecoms division with latest acquisition

The Nordic region's largest indigenous IT services provider, TietoEnator Corp, has strengthened its position in the European telecoms market with the purchase of German telecom R&D firm SESA AG. The deal, due to be completed by mid-January, is estimated to be worth $93.7million.

By CBR Staff Writer

Eschborn, Germany-based SESA has about 600 employees, and net sales are expected to reach E67 million ($89.7 million) in 2004. 70% of this revenue comes from the telecom industry, where its main customers include Siemens, Nokia and Alcatel. The remaining 30% comes from R&D services for the automotive and manufacturing investors

The purchase is the latest, and biggest, in a string of recent acquisitions by Espoo, Finland-based TietoEnator, which has been looking to bolster its market share in key verticals such as telecoms, financial services and healthcare.

While most of the companies acquired have been based in the Nordic region, TietoEnator has also purchased a number of German companies, including adfincon, a subsidiary of Hypo- und Vereinsbank AG, and IT consultancy firm Inveos AG.

Upon completion of this latest purchase, TietoEnator will have over 4,000 employees in its telecoms division.

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