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EVRY Lands 7-Year Deal Worth $77 Million

EVRY Lands 7-Year Deal Worth $77 Million

Swedish clearing house Bankgirot is outsourcing its IT operations to Nordic tech vendor Evry in a seven-year deal worth $77.1 million (SEK 700 million), writes Tanya Andreasyan of Fintech Futures (Finovate’s sister publication).

Evry says the agreement “will enable Bankgirot to adopt a more dynamic delivery organization and will modernize its technical infrastructure.” The vendor will take responsibility for Bankgirot’s platform operations and will enable the delivery of “simple and efficient payments.” It adds that it “beat strong international competition” to win this contract. The contract can be renewed for up to four years (two years at a time) and also involves 30+ employees of Bankgirot being offered new positions at Evry.

Per Hove, Evry’s new CEO (he was promoted from EVP and head of Evry Norway earlier this month), says his company is pleased Bankgirot “has shown trust” in Evry. “With Evry, we get a strong partner with deep technical and commercial insight that will help us provide quality and efficiency,” explained Bankgirot CEO Jeanette Jäger.

Bankgirot has been operating for nearly 60 years, and processes about six million transactions worth $7.5 billion (SEK 68 billion) daily. It is also behind several fintech and paytech projects in Sweden, including Autogiro, e-invoices, and real-time payments that enable Swish.

Norway-based Evry claims 10,000+ customers across the private and public sectors. “Every day more than five million people in the Nordic region use solutions delivered by Evry,” the company says. The company reported turnover of $1.5 billion (NOK 12.6 billion) in 2017 and has 8,500 employees across nine countries. Among its recent projects is implementing digital workplace services for Norway’s Sparebank 1 Alliance and enabling Google Pay for Norway’s challenger bank Monobank. It has also recently renewed its agreement with DNB for card fraud prevention solutions.

Evry demonstrated its PFM solution, Spendific, at FinovateEurope 2015. Earlier this year, the company teamed up with Handelsbanken to launch a wrist-based contacltess payments solution.