TietoEVRY to divest its Oil & Gas software business
TietoEVRY Corporation INSIDE INFORMATION 15 February 2021, 8.00 EETTietoEVRY has reached an agreement with Aucerna, a Quorum Software affiliate, to sell its Oil & Gas software business. This divestment is part of the company’s strategy to seek focus and scale. Through this transaction, the Oil & Gas software business will have greater global market reach and growth opportunities. The agreement was reached at an enterprise value of EUR 155 million, implying an EV/Revenue multiple of approximately 3.2. TietoEVRY’s Oil & Gas software business comprises hydrocarbon