TIETOEVRY SELLS SOFTWARE BUSINESS TO CANADA'S AUCERNA

Finnish information technology company TietoEvry said on Monday it has agreed to sell its oil and gas software business to Canada's Aucerna for US$188 million. The price corresponds to 3.2 times the revenue of the operations that are sold, and the deal comprises 420 employees in over 50 countries, TietoEvry said in a statement. The buyer, Calgary-based Aucerna, is an affiliate of Quorum, a U.S.-based software company in the energy industry. The acquisition of software solutions in hydrocarbon management will strengthen Quorum's portfolio to help energy companies with digitalization, said TietoEvry CEO Kimmo Aikio. “I truly believe that this combination will open up exciting career opportunities for employees as part of the larger community of the oil and gas industry and software experts,” Aikio said.