Finnish buyout firm Sentica Partners Oy has agreed a deal to buy a 50% interest in Finnish payroll outsourcing business and financial management specialist Silta Oy from Logica plc (LON:LOG). Logica, a UK business and technology service company, announced the deal on Tuesday.
The deal has to be given the green-light by the competition authorities. Through it, Logica wants to concentrate on its core competencies of IT and business services around human resources (HR) business process outsourcing (BPO).
The value of Silta’s gross assets is £1.1m ($1.7m/€1.4m). The firm is a venture between Logica and Finnish insurers Varma Mutual Pension Insurance Co and Sampo Oyj.
Logica, with a staff of 41,000, offers business consulting, systems integration and outsourcing to large European businesses and other customers worldwide.
Yesterday, the company announced it had entered into a letter of intent with a unit of Finnish insurer Tapiola Group to create a new firm to deliver information and communication technology (ICT) services relating to the local banking and insurance operations of Tapiola. The parties will discuss forming this entity on 1 June as they want to establish it by October 2012.
Earlier in May, Logica reiterated its previous full year revenue forecast, saying it expects revenue to drop by 2% in the worst and rise by 2% in the best case.