Finnish IT services company Tietoevry said Tuesday it will get a financial boost of approximately 35 million euros after a favorable Norwegian court ruling in a dispute with customer Sparebank1 Utvikling became final.
The company said neither party appealed the June 3 decision from the Borgarting Court of Appeals before the deadline expired on Monday.
The ruling allows Tietoevry's banking division to book an increase in revenue of about 24.5 million euros in the third quarter, 2.2 million euros in the fourth quarter, and 8.6 million euros during 2026, the company stated.
The positive financial impact comes as Tietoevry navigates a challenging period, having recently reported a second-quarter operating loss that included a significant impairment charge related to its banking platform in Norway.
“Tietoevry and SpareBank1 Utvikling have agreed to revitalize their partnership with a shared commitment of strengthening the competitiveness of the SpareBank1-alliance,” CEO Endre Rangnes said in a statement.
Tietoevry said it will assess the impact of the fee increase on its full-year outlook.
More from this issuer
Related coverage
Finnish IT services company Tietoevry reported higher third-quarter revenue and profit, but the results were significantly inflated by a favorable court ruling in its banking division.
Finnish IT services company Tietoevry on Monday raised its full-year profit forecast, citing a favorable court ruling, but trimmed the upper end of its revenue growth outlook.
Finnish IT services company Tietoevry has completed the sale of its Tech Services business to private-equity firm Agilitas Private Equity for 300 million euros, the company said Tuesday.
Finnish IT-services company Tietoevry appointed Endre Rangnes as its new chief executive and announced a major cost-cutting plan as it reported a second-quarter loss and a drop in revenue.