Leading IT service company in Northern Europe, Tieto has acquired Russian telecom consulting and system integration company T&T Telecom (formerly, Telecom Design) from its founder and CEO, Yuri Pesnya. Tieto first partnered with Telecom Design in March 2008. Tieto paid $10 million for 100% stake in T&T Telecom valuing its at 5 x EBITDA, according to newspaper Vedomosti.
Tieto plans to invest EUR 100 million in expanding its IT service business in Russia via both acquisitions of local IT service companies, opening own data center and R&D facilities in 2010-11, the newspaper reported.
Founded in 2002, Telecom Design completed 400 integrated telecom projects for fixed-line and mobile telecom operators, banks, outsorcing call centers and state companies. The company employs over 70 telecom consultants in offices in St. Petersburg and Moscow. Its major customers include Megafon, Vimpelcom, Svyazinvest, Delta Telecom, Comstar, Sinterra and Rostelecom.