Tieto has signed an agreement to acquire OpenSpring and Grupo Onetec for EUR 8 million, aiming to strengthen its presence in the Iberian technology consulting market.

Information on the Target

Tieto has entered a definitive agreement with AFI Family España to acquire OpenSpring and Grupo Onetec, two businesses known for their technology consulting and anti-money-laundering services. This strategic acquisition is aimed at enhancing Tieto's presence in the Iberian market, particularly for the company's Banktech and Caretech divisions. With a well-established customer base and a team of nearly 200 employees across Spain and Portugal, OpenSpring and Grupo Onetec are well-positioned to provide Tieto with a solid foundation for its offerings in this region.

The target companies generate approximately EUR 10 million in revenue and cater primarily to financial institutions and insurance companies, demonstrating promising standalone growth potential. The integration of these businesses into Tieto's operations is expected to facilitate the delivery of innovative software and data solutions that are widely recognized in the Nordic markets.

Industry Overview in the Target’s Country

Spain's technology consulting industry is experiencing significant growth, driven by an increasing reliance on digital transformation across various sectors. Companies operating in the financial services and insurance industries are particularly f