Tieto is acquiring OpenSpring and Grupo Onetec in Spain for €8 million to strengthen its position in the European Banktech and Caretech markets.

Information on the Target

Tieto has entered into a definitive agreement to acquire OpenSpring and Grupo Onetec in Spain, marking a significant step in its European expansion strategy. OpenSpring and Grupo Onetec are reputable technological consulting firms that focus on anti-money laundering solutions and possess strong local connections within the Iberian Peninsula. Together, they employ nearly 200 staff across Spain and Portugal and have built a diverse client base, particularly among financial institutions and insurance companies. The combined revenue of these firms is approximately €10 million, indicating a robust potential for independent growth.

This acquisition will serve as a solid foundation for Tieto to introduce its competitive Banktech and Caretech software solutions to Iberian clients, allowing for the extension of Tieto Tech Consulting’s services into new markets. The integration of these firms is expected to enhance Tieto’s market presence in Iberia significantly.

Industry Overview in Spain

Spain's technology sector has been witnessing rapid growth, propelled by increasing demand for innovative software solutions and data-centric services across various industries. The country's financial services and insurance sectors, in particular,