Corporate Finance, DeFi, Blockchain, Web3 News
Corporate Finance, DeFi, Blockchain News

EVRY acquires TAG Systems Finland OY

EVRY ASA has agreed to purchase all the shares in TAG Systems Finland OY, which is the leading card personalisation company in Finland and the Baltic States. Through this acquisition, EVRY will strengthen its geographic coverage of the North European card services market, while at the same time gaining access to leading edge expertise in card technology and mobile payments.

"The acquisition of TAG Systems Finland OY is an important strategic step that strengthens EVRY's position in the rapidly growing card services market. At the same time, the acquisition gives EVRY a platform for further growth for the company's other banking and finance solutions in Finland and the Baltic States", comments Terje Mjøs, CEO of EVRY.

Sound foundation for further growth
EVRY has built up a profitable card services business over recent years and now serves customers in the Nordic countries and the United Kingdom. EVRY has historically carried out a number of acquisitions of companies in the card services area that have helped to strengthen profitability, and have built a broadly-based platform for faster organic growth.
The acquisition of the market leader TAG Systems Finland OY strengthens EVRY's position for further growth throughout the Nordic region and the Baltic States. EVRY sees potential for sound organic growth through scalable and high-technology solutions that cover the entire value chain for the card services area. In addition, the acquisition provides a good starting point for further expansion in Northern Europe.

Following the acquisition, EVRY will deliver 20 million cards annually to more than 70 card issuers in 12 countries from card personalisation centres in Mo i Rana, Stockholm, Helsinki and Riga.

Well positioned for mobile payments
Personalisation of debit and credit cards plays an important role when financial institutions offer customers secure payment services. Moreover, debit and credit cards represent an important aspect of branding for banks. TAG Systems Finland OY has developed advanced card personalisation centres in Helsinki and Riga. The company is now preparing the launch of next-generation contactless cards for the Finnish banking sector. The company is already delivering the next-generation contactless cards for the Finnish banking sector and in progress of building the fundament for mobile payment ecosystem. TAG Systems Finland OY and EVRY have a long track record of successful cooperation servicing regional customers.
"Our in-depth expertise and extensive experience of card technology will help to support EVRY's strategic ambition to be a partner capable of offering cost-effective solutions for the entire card services value chain from card issuance through to card payments. This will position us to provide services for the largest customers in northern Europe", comments Jarmo Rouhiainen, CEO of TAG Systems Finland OY.

About the transaction
EVRY has agreed to acquire 100% of the shares in TAG Systems Finland OY from a group of industrial and private investors with effect from 25 November 2013.
TAG Systems Finland OY has 30 employees and annual turnover approaching NOK 70 million. Jarmo Rouhiainen will continue as the CEO of TAG Systems Finland OY. TAG Systems Finland OY will become a major part of the EVRY Financial Services segment.

About EVRY
EVRY is one of the leading IT companies in the Nordic countries, with a strong local and regional presence in 50 Nordic towns and cities. Through its knowledge, solutions and technology, EVRY contributes to the development of the information society of the future, and so creates value for the benefit of its customers and for society as a whole. EVRY combines in-depth industry knowledge and technological expertise with a local delivery model and international strength.
EVRY has some 10,000 employees, and the company is committed to demonstrating that Nordic customers are best served by a supplier that understands Nordic business from the inside. EVRY reports annual turnover approaching NOK 13 billion. The company is listed on the Oslo Stock Exchange and operates from headquarters at Fornebu in Bærum, with major activities in both the Norwegian and Swedish markets.

Jeudi 7 Novembre 2013