Nordea Bank Abp referred to as Nordea, is a Nordic financial services group operating in northern Europe and based in Helsinki, Finland. The bank is the result of the successive mergers and acquisitions of the Finnish, Danish and Swedish banks of Merita Bank, Unibank and Nordbanken that took place between 1997 and 2000; the Baltic states are today considered part of the home market. The largest shareholder of Nordea is Sampo, a Finnish insurance company with around 20% of the shares. Nordea is listed on the Copenhagen Stock Exchange, Helsinki Stock Exchange and Stockholm Stock Exchange. Nordea operates across both the Baltic regions with over 1,400 branches; the bank is present in 20 countries around the world, operating through full-service branches and representative offices, although it provides services in Finland, Denmark, Estonia and Lithuania. Nordea serves 700,000 active corporate customers; the group operates an Internet bank, which has more than 5.9 million online customers and performs more than 260 million payments per year.
Nordea is the result of the successive mergers and acquisitions of the Swedish, Finnish and Norwegian banks of Nordbanken, Merita Bank and Kreditkassen that took place between 1997 and 2000. PK-banken was formed in 1974 by a merger between Postbanken and Sveriges Kreditbank, both state-owned; the private Nordbanken was formed in 1986 by a merger of two smaller private local banks and Sundsvallsbanken. The Swedish banking crisis of 1991, resulting from deregulated markets and a housing price bubble, forced the government to nationalise Nordbanken for 64 billion kronor. Bad debts were transferred to the asset-management companies Securum and Retriva, which sold off the assets; the name Nordea comes from the Swedish bank Nordbanken. The name is a contraction of the words Nordic and ideas. Merita Bank was a 1995 merger of the former main rivals in Finland, the Svecoman Union Bank of Finland founded in 1842 and the Fennoman National Share Bank founded in 1889. In August 2017, DNB ASA and Nordea combined their operations in Estonia and Lithuania to create Luminor Bank.
Nordea is owned by: Sampo, 21.3% Nordea Fonden, 3.9% Swedbank Robur Funds, 3.3% AMF Insurance and Funds, 2.1% Nordea Markets is the international markets operation of Nordea. It handles a broad range of investment banking products and services including fixed income, commodities, debt capital markets, corporate finance, it supplies advisory services and internationally acknowledged economic research and analysis. There are 2,200 employees including Financial Risk Control and Capital Markets Services, its main operational centres are in Copenhagen, Helsinki and Stockholm, with regional offices in Brazil, Estonia, Latvia, Luxembourg, Russia, Switzerland, the United Kingdom, United States. Nordea was the subject of an online phishing scam in 2007; the amount of money involved was "between seven and eight million SEK". The theft was perpetrated by targeting Nordea customers with phishing emails containing a trojan horse, made for this robbery; these emails were sent out over a period of 15 months.
According to Nordea, at least 250 people had unwittingly installed the trojan. The thieves evaded detection by limiting their transfers to small sums. Nordea refunded all the victims and has implemented a new security system, Chip Authentication Program The largest financial group in the Nordic region, Nordea has, despite warnings from the Swedish Financial Supervisory Authority been active in using offshore companies in tax havens according to the Panama papers; the Nordea section in Luxembourg, between the years 2004 and 2014, founded nearly 400 offshore companies in Panama and the British Virgin Islands for its customers. The Swedish Financial Supervisory Authority has pointed out that there are "serious deficiencies" in how Nordea monitors money laundering, has given the bank two warnings. In 2015, Nordea had to pay the largest possible fine - over 5 million EUR. In 2012, Nordea asked Mossack Fonseca to change documents retroactively so that three Danish customers power of attorney documents had been in force since 2010.
The director for Nordea Private banking Thorben Sanders admits that before 2009 they did not screen for customers that tried to evade tax. "At the end of 2009 we decided that our bank should not be a means of tax evasion" says Thorben Sanders. As a consequence of the leaked documents, the Swedish Financial Supervisory Authority stated on 4 April 2016 that it had started an investigation into the conduct of Nordea, the largest financial group in the Nordic region; the Swedish minister of Finance Magdalena Andersson characterized the conduct of Nordea as "a crime" and "totally unacceptable". Nordea CEO Casper von Koskull stated that he was disappointed with the shortcomings within Nordea's operating principles, saying that "this cannot be tolerated". Other Swedish banks are mentioned in the documents, but mention of Nordea occurs 10,902 times and the second-most mentioned bank has 764 matches. Stefan Löfven, Prime Minister of Sweden, said in 2016 that he was critical of the conduct of Nordea and its role, said "Â- They
Sweden the Kingdom of Sweden, is a Scandinavian Nordic country in Northern Europe. It borders Norway to the west and north and Finland to the east, is connected to Denmark in the southwest by a bridge-tunnel across the Öresund, a strait at the Swedish-Danish border. At 450,295 square kilometres, Sweden is the largest country in Northern Europe, the third-largest country in the European Union and the fifth largest country in Europe by area. Sweden has a total population of 10.2 million. It has a low population density of 22 inhabitants per square kilometre; the highest concentration is in the southern half of the country. Germanic peoples have inhabited Sweden since prehistoric times, emerging into history as the Geats and Swedes and constituting the sea peoples known as the Norsemen. Southern Sweden is predominantly agricultural, while the north is forested. Sweden is part of the geographical area of Fennoscandia; the climate is in general mild for its northerly latitude due to significant maritime influence, that in spite of this still retains warm continental summers.
Today, the sovereign state of Sweden is a constitutional monarchy and parliamentary democracy, with a monarch as head of state, like its neighbour Norway. The capital city is Stockholm, the most populous city in the country. Legislative power is vested in the 349-member unicameral Riksdag. Executive power is exercised by the government chaired by the prime minister. Sweden is a unitary state divided into 21 counties and 290 municipalities. An independent Swedish state emerged during the early 12th century. After the Black Death in the middle of the 14th century killed about a third of the Scandinavian population, the Hanseatic League threatened Scandinavia's culture and languages; this led to the forming of the Scandinavian Kalmar Union in 1397, which Sweden left in 1523. When Sweden became involved in the Thirty Years War on the Reformist side, an expansion of its territories began and the Swedish Empire was formed; this became one of the great powers of Europe until the early 18th century. Swedish territories outside the Scandinavian Peninsula were lost during the 18th and 19th centuries, ending with the annexation of present-day Finland by Russia in 1809.
The last war in which Sweden was directly involved was in 1814, when Norway was militarily forced into personal union. Since Sweden has been at peace, maintaining an official policy of neutrality in foreign affairs; the union with Norway was peacefully dissolved in 1905. Sweden was formally neutral through both world wars and the Cold War, albeit Sweden has since 2009 moved towards cooperation with NATO. After the end of the Cold War, Sweden joined the European Union on 1 January 1995, but declined NATO membership, as well as Eurozone membership following a referendum, it is a member of the United Nations, the Nordic Council, the Council of Europe, the World Trade Organization and the Organisation for Economic Co-operation and Development. Sweden maintains a Nordic social welfare system that provides universal health care and tertiary education for its citizens, it has the world's eleventh-highest per capita income and ranks in numerous metrics of national performance, including quality of life, education, protection of civil liberties, economic competitiveness, equality and human development.
The name Sweden was loaned from Dutch in the 17th century to refer to Sweden as an emerging great power. Before Sweden's imperial expansion, Early Modern English used Swedeland. Sweden is derived through back-formation from Old English Swēoþēod, which meant "people of the Swedes"; this word is derived from Sweon/Sweonas. The Swedish name Sverige means "realm of the Swedes", excluding the Geats in Götaland. Variations of the name Sweden are used in most languages, with the exception of Danish and Norwegian using Sverige, Faroese Svøríki, Icelandic Svíþjóð, the more notable exception of some Finnic languages where Ruotsi and Rootsi are used, names considered as referring to the people from the coastal areas of Roslagen, who were known as the Rus', through them etymologically related to the English name for Russia; the etymology of Swedes, thus Sweden, is not agreed upon but may derive from Proto-Germanic Swihoniz meaning "one's own", referring to one's own Germanic tribe. Sweden's prehistory begins in the Allerød oscillation, a warm period around 12,000 BC, with Late Palaeolithic reindeer-hunting camps of the Bromme culture at the edge of the ice in what is now the country's southernmost province, Scania.
This period was characterised by small bands of hunter-gatherer-fishers using flint technology. Sweden is first described in a written source in Germania by Tacitus in 98 AD. In Germania 44 and 45 he mentions the Swedes as a powerful tribe with ships that had a prow at each end. Which kings ruled these Suiones is unknown, but Norse mythology presents a long line of legendary and semi-legendary kings going back to the last centuries BC; as for literacy in Sweden itself, the runic script was in use among the south Scandinavian elite by at least the 2nd century AD, but all that has come down to the present from the Roman Period is curt inscriptions on artefacts of male names, demonstrating th
OMX Helsinki 25
OMX Helsinki 25 is a stock market index for the Helsinki Stock Exchange. It is a market value weighted index; the maximum weight for a single stock is limited to 10%. This is to limit Nokia's weight in the index, although Fortum and Sampo Group were capped in a February 2009 reshuffle; as of a semi-annual review effective 1 August 2014, the following 24 companies make up the index: Helsinki Stock Exchange Bloomberg page for HEX25:IND OMX Helsinki 25 composition
Outotec Oyj is a Finnish listed technology company as well as project company, selling complex mining technology and plant projects that it first designs and executes itself or in collaboration with its partners. The company purchases the majority of its products from subcontracted manufacturers, making only the key components itself. Manufacturing is carried out at Outotec's workshop in the city of Outokumpu, which makes equipment, at Lappeenranta plant, where industrial filters are manufactured. Outotec delivers its processes for metallurgy and mineral processing. Outotec's technologies are used for applications such as producing base metals, processing iron ore and raw materials containing titanium, producing sulfuric acid, producing aluminium oxide and light metals, processing exhaust gases, producing bioenergy, refining oil shale and oil sands, treating industrial wastewater. Processes developed by Outotec enable aluminiferous clay, paper sludge, slag heaps created during the process to be converted into raw materials for synthetic sapphire, biorefineries, or copper.
Outotec's environment and energy business has grown alongside its traditional ore and metal technology. Mines and refineries consume enormous quantities of water and energy, but Outotec's applications enable a significant reduction in consumption. Outotec has been ranked among the world's 10 most responsible companies by Corporate Knights' yearly listing several times, for example in 2018; the company was created when Outokumpu Oyj span off its technology business into a separate entity in 2006. In 2017, Outotec's operations consisted of two parts of equal size, one focusing on mining technology and the other focusing on technologies for refining metals; the company's third pillar was its environment and energy business, which expanded thanks to the 2011 acquisition of Energy Products of Idaho. In 2017, a considerable proportion of the company's design work took place in Finland; the headquarter is in Espoo, employed 800 personnel, the company had a large design unit in Germany. In 2018, Outotec had sales and service centers in 36 countries on six continents and three business units.
Outotec's competitive position varies depending on the technology, but its competitiveness is strong in areas such as flash smelting, flotation cells for concentrating plants, grinding mills. A further area of strength is copper mines, for which the company can supply all of the main equipment. In 2012, the base metals business generated 80 percent of net sales, energy, light metal, environmental solutions brought in half a billion euros of revenue. In 2017 77 percent of net sales consisted of metal technologies, technologies related to energy generation accounted for 7 percent of net sales. Other areas generated 12 percent of net sales; the business area focuses on minerals processing for the mining industry, conducting a range of works such as preliminary suitability studies, as well as implementing entire production plants and supporting them throughout the various phases in their lifecycles. The Services unit's business ranges from individual deliveries of spare parts to extensive, long-term operation and maintenance agreements.
In the 1940s, the Finnish state's copper company, had a problem: it needed electricity to refine metal, but there was a shortage of electricity in Finland. A solution was found in a proposal to manufacture copper without using external energy; the flash smelting method uses the sulfur present in the ore. The invention marked the first chapter in Outotec's story. On the back of the success of flash smelting, Outokumpu, a state-owned enterprise, established a technology unit, which became known as Outokumpu Technology. Japanese and Indian businesses that had taken interest in the invention in the 1950s became customers in the 1970s. Nowadays, more than half of the world's copper is manufactured using flash smelting technology; the invention brought Outokumpu international success in copper, cobalt, zinc and sulfuric acid technologies, the company began establishing sales offices in Canada, the United States, Brazil and Peru. Outokumpu expanded its technology expertise with the help of mergers, acquiring aluminum expertise in Canada and Germany and process technology for gas processing and precious metals in Sweden.
An important acquisition took place in 2001 when Lurgi Metallurgie, a 100-year-old German company, was purchased, bringing expertise in areas such as sulfuric acid production technology. In 2010, President and CEO Pertti Korhonen's assessment was that Outotec's success was as much due to Lurgi as it was to Outokumpu's technology unit. In spring 2006, Outokumpu Oyj span off its technology division into a new company named Outokumpu Technology Oyj, it sold 80 percent of the company's stock to external investors in the fall of the same year; the company was listed on the Helsinki Stock Exchange in October 2006 and changed its name to Outotec Oyj in April 2007. Outokumpu received EUR 360 million for its technology unit in connection with the listing. In 2007, Outotec's market capitalization rose to EUR 2.5 billion, between 2005 and 2008, the company's net sales more than doubled from EUR 0.5 billion to more than EUR 1.2 billion. In 2008, capital invested in the company returned an incredible 67 percent.
In 2013, Outotec surpassed Outokumpu in terms of market capitalization. In 2007, Outotec acquired Chena, in the following year, it acquired Auburn Group. In 2010, Pertti Korhonen became the company's President and CEO when his predecessor, Tapani Järvinen, retired. Several companies were acquired in the same year: Larox, Mill
KONE Oyj, founded in 1910 and headquartered in Espoo near Helsinki, Finland, is an international engineering and service company employing some 55,000 personnel across 60 countries worldwide. In addition, KONE builds and services autowalks, automatic doors and gates and elevators; the company provides local service for builders, building owners and architects in 1,000 offices in over 50 countries. Since 1924, KONE has been owned by the Herlin family. After Harald Herlin purchased the company in 1924, he served as its Chairman until 1941. Afterwards, his son, Heikki H. Herlin, took over his father's post from 1941–1987. Control of the company was handed down to his son, Pekka Herlin, which he retained from 1987–2003; the current Chairman of KONE's Board of Directors from 2003 onwards is Antti Herlin, the son of Pekka Herlin. In the Finnish language Kone means "machine" or "device". KONE was founded in 1910 as a subsidiary of Gottfr. Strömberg Oy. Strömberg's licence to import Graham Brothers elevators was transferred to the new company.
KONE sold just a few units before terminating the licensing agreement in 1917. KONE a company with only 50 employees, started to make and install its own elevators in 1918. Six years in 1924, entrepreneur Harald Herlin bought KONE from Strömberg and became the new chairman of the company's Board of Directors, his son, Heikki H. Herlin, joined the company and was appointed technical director in 1928, his office was located in a former margarine factory on Haapaniemi Street in Helsinki that KONE had bought and converted into an elevator production facility the previous year. Heikki H. Herlin took over as KONE's president in 1932. KONE's first foreign subsidiary – AB Kone Hissar of Sweden – was established in 1957. After World War II, KONE was called upon by the Finnish government to contribute elevators, electric hoists and cranes to the war reparations being paid to the Soviet Union; this program forced KONE to expand its capacity, rationalize production processes and learn to meet demanding manufacturing schedules.
In the 1950s KONE introduced automatic doors and hydraulic elevators. Heikki H. Herlin turned over the president's duties in 1964 to his son, who had served as administrative director since 1958. KONE opened a purpose-built elevator factory in 1966 in Finland; the following year KONE was listed on the Helsinki Exchanges and started its international expansion through the acquisition of Sweden's Asea-Graham and its Norwegian and Danish affiliates. Numerous acquisitions followed during the 1970s and 1980s with only the most significant being listed here; the acquisitions of companies larger and older than KONE itself has been seen to have brought KONE respectability and lifted the company to a position of market prominence. KONE further expanded its business scope; the company became one of the world's largest hoist and crane manufacturers as well as a producer of high-tech electronic hospital and laboratory equipment. In 1981 KONE entered the American elevator market with the acquisition of New York City based Armor Elevator Company, which it continued to operate independently as a wholly owned subsidiary.
The company acquired Navire Cargo Gear in 1982 and International MacGregor, makers of shipboard cargo access equipment. Wood-handling systems and equipment for pulp and paper mills, hydraulic piping systems, mining equipment and conveyors, specialized steel components were manufactured at KONE's steel foundry. In 1987, after 60 years as a member of KONE's board of directors and 46 as its chairman, Heikki H. Herlin retired. Prevented by Finnish law from serving as president and board chairman, Pekka Herlin ceded the presidency to Matti Matinpalo, the first non-Herlin to occupy the position in 55 years, continued as Chairman of the Board. In 1990, KONE sold its shipboard cargo handling business in 1993, as well as its crane, wood handling and piping systems businesses in 1994, the steel foundry and electronic medical instruments divisions in 1995. Only its elevators and automatic door branches remained. KONE acquired the Montgomery Elevator Company of the U. S. in 1994. Soon afterwards, the KONE Corporation purchased a majority of the outstanding shares of O&K Rolltreppen GmbH of Germany, a supplier of escalators and autowalks.
In 1998 the company made a $29 million investment in the construction of an elevator and escalator factory in Kunshan, China. In 1996, Antti Herlin, the great-grandson of the company's founder, was appointed KONE CEO and deputy chairman of the board of the company that he had now inherited; the company introduced new technology such as the KONE EcoDisc hoisting machine and the KONE MonoSpace elevator technology concept in 1996. KONE was one of the first to introduce machine-room-less construction in elevators. KONE's MRL designs reduced the size of elevator machinery and its lift mechanism by using permanent-magnet electric motors; the use of these mechanisms enabled all of the elevator's equipment and its inner workings to be confined to the space above the elevator shaft, known as the hoistway overhead, instead of needing an entire room dedicated to machinery. At the beginning of the 21st Century, due to the apparent benefits of KONE's pioneering elevator systems, rival companies began competitively marketing machine-room-less elevators of their own.
KONEs chairman of the board, Pekka Herlin, died on April 2003 after a long illness. Antti Herlin was subsequently appointed the new chairman of the board in June 2003. Matti Alahuhta, a former Executive Vice President at Nokia Corporation
A ticker symbol or stock symbol is an abbreviation used to uniquely identify publicly traded shares of a particular stock on a particular stock market. A stock symbol may consist of numbers or a combination of both. "Ticker symbol" refers to the symbols. Stock symbols are unique identifiers assigned to each security traded on a particular market. A stock symbol can consist of letters, numbers, or a combination of both, is a way to uniquely identify that stock; the symbols were kept as short as possible to reduce the number of characters that had to be printed on the ticker tape, to make it easy to recognize by traders and investors. The allocation of symbols and formatting convention is specific to each stock exchange. In the US, for example, stock tickers are between 1 and 4 letters and represent the company name where possible. For example, US-based computer company stock Apple Inc. traded on the NASDAQ exchange has the symbol AAPL, while the motor company Ford's stock, traded on the New York Stock Exchange has the single-letter ticker F.
In Europe, most exchanges use three-letter codes, for example Dutch consumer goods company Unilever traded on the Amsterdam Euronext exchange has the symbol UNA. While in Asia, numbers are used as stock tickers to avoid issues for international investors when using non-Latin scripts. For example, the bank HSBC's stock traded on the Hong Kong Stock Exchange has the ticker symbol 0005. Symbols sometimes change to reflect mergers. Prior to the 1999 merger with Mobil Oil, Exxon used a phonetic spelling of the company "XON" as its ticker symbol; the symbol of the firm after the merger was "XOM". Symbols are sometimes reused. In the US the single-letter symbols are sought after as vanity symbols. For example, since Mar 2008 Visa Inc. has used the symbol V, used by Vivendi which had delisted and given up the symbol. To qualify a stock, both the ticker and the exchange or country of listing needs to be known. On many systems both must be specified to uniquely identify the security; this is done by appending the location or exchange code to the ticker.
Although stock tickers identify a security, they are exchange dependent limited to stocks and can change. These limitations have led to the development of other codes in financial markets to identify securities for settlement purposes; the most prevalent of these is the International Securities Identifying Number. An ISIN uniquely identifies a security and its structure is defined in ISO 6166. Securities for which ISINs are issued include bonds, commercial paper and warrants; the ISIN code is a 12-character alpha-numerical code that does not contain information characterizing financial instruments, but serves for uniform identification of a security at trading and settlement. The ISIN identifies not the exchange on which it trades. For instance, Daimler AG stock trades on twenty-two different stock exchanges worldwide, is priced in five different currencies. ISIN cannot specify a particular trade in this case, another identifier the three- or four-letter exchange code will have to be specified in addition to the ISIN.
While a stock ticker identifies a security that can be traded, stock market indices are sometimes assigned a symbol though they can not be traded. Symbols for indices are distinguished by adding a symbol in front of the name, such as a caret or a dot. For example, Reuters lists the Nasdaq Composite index under the symbol. IXIC. In Canada the Toronto Stock Exchange TSX and the TSXV use the following special codes after the ticker symbol: In the United Kingdom, prior to 1996, stock codes were known as EPICs, named after the London Stock Exchange's Exchange Price Information Computer. Following the introduction of the Sequence trading platform in 1996, EPICs were renamed Tradable Instrument Display Mnemonics, but they are still referred to as EPICs. Stocks can be identified using their SEDOL number or their ISIN. In the United States, modern letter-only ticker symbols were developed by Standard & Poor's to bring a national standard to investing. A single company could have many different ticker symbols as they varied between the dozens of individual stock markets.
The term ticker refers to the noise made by the ticker tape machines once used by stock exchanges. The S&P system was standardized by the securities industry and modified as years passed. Stock symbols for preferred stock have not been standardized; some companies use a well-known product as their ticker symbol. Belgian brewer InBev, the brewer of Budweiser beer, uses "BUD" as its three-letter ticker for American Depository Receipts, symbolizing its premier product in the United States, its rival, Molson Coors Brewing Company, uses a beer-related symbol, "TAP". Southwest Airlines pays tribute to its headquarters at Love Field in Dallas through its "LUV" symbol. Cedar Fair Entertainment Company, which operates large amusement parks in the United States, uses "FUN" as its symbol. Harley-Davidson uses "HOG" for its Harley Owners Group. Yamana Gold uses "AUY", because on the periodic table of elements. Sotheby's uses the symbol "BID". While most symbols come from the company's name, sometimes it happens the other way around.
Tricon Global, owner of KFC, Pi
Tieto Oyj is an IT software and service company providing IT and product engineering services, with 15,000 employees, active in around 20 countries. Tieto is domiciled in Espoo and the company's shares are listed on the NASDAQ OMX Helsinki and Stockholm; the company provides services to the following industry groups: financial services. Service lines are technology services and modernization, industry solutions including data-driven businesses organized independently of other businesses. At the end of 2015, the number of full-time employees was over 13,000 in more than 20 countries. 28% are located in Finland, 19% in Sweden, 17% in India, 15% in Czech Republic, 5% in Latvia, the rest spread across other countries. 28% of the employees worldwide are women. Net sales by country was Finland 47%, Sweden 36%, International 17%; as of 2014, 42.7% of Tieto's shareholders are Finnish and 3% are Swedish. Energy Components is a Hydrocarbon accounting software product used to allocate units of aliquots of produced hydrocarbons back to its origination based on their current disposition like a temporary storage tank or a sales point.
It holds accounts for oil and gas ownership for the hydrocarbons based on the production field equity share of every single partner company. The product monitors hydrocarbons from the start of movements in the production process following the streams through transportation and sales. Benefits of the EC product includes oil and gas production scheduling and petroleum reservoir management, giving transparent and auditable accounts, it reports production data to regulatory authorities and partners, counteracting potential for disputes between partners and with governments. Tieto is providing services for planning, design and configuration of product installations, gives lifecycle support. Customers maintains common interests through EC User Forum. In April 2012, more than 100 customer representatives from more than 20 countries participated in the annual gathering; the product has origins in the Prosty-system, developed internally at Statoil, which Statoil conveyed to Tieto for commercialization.
Competitors include Field Operations & Production Accounting solutions from Inc.. P2 Energy Solutions, EnergySys and software from WellPoint Systems, Avocet from Schlumberger. Energy Components is the publicly known naming on the Tieto Norway entity that delivers the EC and PTS/DaWinci products and related services in partnership with the breakaway company Hytracc Consulting. Personnel Transportation & Tracking is a software product that helps oil companies to schedule and account for the personnel transportations between ports and locations that need mobilized crew in connection with operations in the oil and gas industry. Transportation type may include inter field shuttles. Ports may be land-based heliports. Operational locations may be any type of offshore vessel, FPSO, or onshore plant; the product tracks personnel movements and assist platform management at offshore locations in administering the emergency preparedness, the accommodation units and supports the lifeboat allocation and muster drilling.
PTS/DaWinci offers publicly displaying of schedules and itineraries, self-service bookings and check-in for end-users. Benefits of the product includes updated Personnel On Board information, optimized helicopter utilizations, cost allocation between user companies on shared flights, adherence to regulatory emergency preparedness functions; the PTS/DaWinci product origins from a system developed as a joint venture between Statoil and Hydro Oil & Gas that Tieto Norway took over in an acquisition of the company DaWinci Services AS in 2002. Competitors include Collabro's Vantage POB, Asset Integrity Personnel On Board, the Logistics Management System. Specific expertise areas offered to customer services are within insurance. Tieto started its business operations in Finland in 1968 under the name Tietotehdas Oy. During the company's first years, it developed and maintained IT systems for the Union Bank of Finland, its customers and a few forestry companies; the customer base of the company grew during the 1970s, when mini-computers were introduced alongside the existing mainframe computers.
Besides mainframe computer services and software, the development of IT systems was central to the operations of Tietotehdas. Customers represented several operations were organized according to these verticals. During the 1990s, the company experienced rapid growth through a number of acquisitions and strategic alliances; the company's name was changed from Tietotehdas to TT Tieto in 1995 and Tieto in 1998. In 1996, the company strengthened its exposure in the telecom sector through the acquisition of Avancer. In 1999, Tieto and the Swedish Enator corporation merged to form TietoEnator. On 1 December 2008, the company re-launched the corporate marketing name Tieto; the official registered name became Tieto Corporation, the corporation is led from its Helsinki headquarters. Starting from year 2009, Tieto went with an aggressive strategy of offshore production, reaching up to the end of the decade; the President and CEO of Tieto is Kimmo Alkio, as of November 2011. In January 2018, Tieto appointed Christian Guttmann as Global Head of Artificial Intelligence and Data Science an