17 January 2023
Tietoevry sells its wood supply software business to Vela Software International Inc., an operating group of Constellation Software Inc. Vela Software acquires, manages, and builds software businesses in a variety of vertical markets and is headquartered in Toronto, Canada. The operating group will provide vertical market software expertise, operational support, and capital to this business to expand in Sweden and internationally.
The wood supply software business is currently part of Tietoevry Industry. This business employs approximately 30 employees across Sweden, Finland and India, and its revenue amounted to around EUR 3 million in 2021.
Tietoevry and Vela Software will next focus on ensuring a smooth transition for transferring the employees and customers at the time of closing. The transaction is expected to close in January 2023.
“This transaction brings new opportunities to the wood supply software business to further develop its services for its current and potential new customers with Vela Software. It also creates new opportunities for the employees in their career advancement”, Ari Järvelä, Managing Director, Tietoevry Industry.
“The wood supply software business is a leading provider of forestry software in Sweden, and represents an additional acquisition for us in the Nordic region, an area in which we are committed to growing. Vela and Constellation’s operating expertise, financial strength, and global infrastructure as well as our values as permanent-hold investors will be utilized in supporting and bolstering its market leadership in the Nordics and internationally for the long run”, Gabor Czegledy, Energy and Resources Portfolio Manager at Vela Software.
For more information, please contact:
Tietoevry Newsdesk, email@example.com, +358 40 570 4072
Tietoevry creates purposeful technology that reinvents the world for good. We are a leading technology company with a strong Nordic heritage and global capabilities. Based on our core values of openness, trust and diversity, we work with our customers to develop digital futures where businesses, societies, and humanity thrive.
Our 24 000 experts globally specialize in cloud, data, and software, serving thousands of enterprise and public-sector customers in more than 90 countries. Tietoevry’s annual turnover is approximately EUR 3 billion and the company’s shares are listed on the NASDAQ exchange in Helsinki and Stockholm, as well as on Oslo Børs. www.tietoevry.com
Vela Software International Inc. is a global provider of software solutions to several vertical industries. As an Operating Group of Constellation Software Inc. headquartered in Toronto Canada, TSX:CSU, Vela acquires, manages, and builds industry specific software businesses which provide specialized, mission-critical software solutions. Vela companies invest in becoming leaders in their industries and to better serve their customers. Vela helps companies improve their operations, grow through organic initiatives, and seek acquisitions that can strengthen their market position. https://velasoftwaregroup.com/