TietoEVRY, IBM drop arbitration cases, revamp co-operation deal
(Reuters) - Nordic IT services house TietoEVRY said on Tuesday it had signed a new deal with IBM changing the scope and operating model of their co-operation and the companies dropping arbitration cases against each other.
"Following this new agreement TietoEVRY and IBM have no notices of arbitration," it said in the statement.
Last year both companies submitted notices of arbitration related to their co-operation.
The new agreement includes expansion of mainframe technology management by IBM, while most of the other services delivered through IBM will be transitioned back to TietoEVRY, it said.
As part of the deal some 180 employees currently employed by IBM will join TietoEVRY's cloud specialists team, and some 25 employees currently employed by TietoEVRY will join IBM.
TietoEVRY said it expects the agreement to be neutral to its underlying operating profit.
SoftBank Vision Fund's head, Rajeev Misra, saw his total pay for the past business year more than double to 1.6 billion yen ($15 million), even as the fund's underperformance pushed SoftBank to a record $13 billion operating loss.
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