TietoEnator and Saab sign agreement on IT partnership

Nordic Business Report, Nov 2, 2005

NORDIC BUSINESS REPORT-2 November 2005-TietoEnator and Saab sign agreement on IT partnership(C)1994-2005 M2 COMMUNICATIONS LTD http://www.m2.com

Finnish-Swedish IT company TietoEnator Corporation said on Wednesday (2 November) that it had agreed on a strategic IT partnership with the Swedish technology group Saab.

During the agreement period of 2005-2009 TietoEnator would deliver IT infrastructure services for Saab Group in all of its operating countries.

The total order value based on the current estimate of volume growth is close to EUR80m. The annual value would grow in stages during the agreement period, TietoEnator said.

At the same time TietoEnator and Saab have decided to pursue a joint venture called TietoSaab Systems Oy in command and control business in Finland by combining TietoEnator's current defence business and Elesco Oy, owned by Saab.

TietoEnator said that it would consolidate 60% of the joint venture.

One euro (EUR) is worth approximately 0.68 British pounds (GBP).

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