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Logica to form insurance joint venture in Finland, sells Silta Oy stake

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Helsinki: Logica is pursuing a novel business model in Finland which will see it form a joint venture company with an insurance client.

In a separate move, it has divested itself of a stake in another Finnish joint venture, Silta Oy (below).

Tapiola Data, a subsidiary of the Finnish insurance company Tapiola Group, has signed a Letter of Intent with Logica to develop a new company to provide information and communication technology to the Local Insurance companies of the Tapiola Group.

Negotiations to form the new company will begin formally on 1 June 2012. The aim is to establish the new company by October 2012.

The partners say the purpose of the new company is to develop and produce ICT services relating to banking and insurance activities of Local Insurance — Tapiola Group in order to "harmonise, reshape and intensify operations".

"Local Insurance — Tapiola Group's business operations and tasks relating to the merger require a partner with strong IT service knowledge and industrial operating models. With a strong partner, we are able to ensure that the quality and the cost structure of service production meet our customer service and business requirements. The partner must also be able to provide enough resources for the project," said Juha Suutala, Managing Director at Tapiola Data.

Heikki Nikku, CEO in Logica Finland said, "The letter of intent enables true partnership where both parties make investments to meet our common goals.

" We are creating new operating models and services by combining the knowledge in Tapiola Data with Logica's strong experience and expertise in producing business and technology services in the financial sector.

"The new company will also offer professional development and new career paths to skilled employees both locally and via our global operations."

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