Finish IT firm Tieto has completed the acquisition of Emric, a Stockholm-based provider of software and services for credit processing, to strengthen its position as a business renewal partner for Nordic financial services customers.

The up-front acquisition price, paid in cash at the deal closing, is based on Enterprise Value (EV) of SEK300m.

The two companies have also agreed on an earn-out model based on Emric’s performance during 2017 and 2018.

Emric CEO Pedram Tadayon said: “We are very excited to join forces with Tieto. By combining Tieto’s capabilities and strong presence with Emric’s market leading lending and leasing products and services, we will further strengthen our joint customer value proposition.”

Tieto said that the deal will support its financial services business expansion in the Nordic countries and internationally.

The acquisition will also support Tieto’s Banking as a Service offering through new competencies and software products within loan origination, lending and leasing, the Finish firm added.

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Tieto executive vice president of financial services Per Johanson said: “The acquisition will further strengthen our software-based business in the attractive modernization market in the Nordic countries and Europe.

“With our combined offerings we can provide the full value chain to our Nordic banking and finance customers within retail banking and consumer finance markets.”

Emric operates from Stockholm, Kalix and Belgrade, with a workforce of about 200.