I wonder what kind of unit prices were offered in the tender? Is the procurement decision publicly available somewhere? Due to the high volume, it would give a good idea of the market situation in the sector.
The first major package was announced separately today. Gofore won all sub-areas of that tender. This release concerns the latter of the two major packages, the expert services for solution development and maintenance, the decision for which Gofore also received today, 22 October 2026.
Gofore was selected for three out of four sub-areas in the package of expert services for solution development and maintenance. The total value of these three sub-areas is EUR 60 million.
Framework agreement for the procurement of expert services for solution development and maintenance
- Product platforms and solutions EUR 30 million, two other suppliers included, with Gofore ranked first. We estimate the value of this sub-area to Gofore to be at least EUR 10 million.
- Data repository services and integrations (Gofore participated as a capacity subcontractor for Netum) EUR 20 million, two other suppliers included, with Netum ranked first. Gofore does not provide an estimate of the value of this sub-area to the company.
- Digitalisation of grant, payment, and compensation processes EUR 10 million, two other suppliers included, with Gofore ranked third. Gofore does not provide an estimate of the value of this sub-area to the company.
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Here are Joni’s comments on these neat KEHA deals won by Gofore 
Gofore announced on Thursday that it has been selected for the KEHA Centre’s extensive development projects framework agreement. The estimated value of the agreement for Gofore is at least well over EUR 40 million over the six-year contract period. We view the news as a strong indication of the company’s competitiveness in tight public sector tendering, as the company secured first place in all three sub-areas it pursued in the first framework agreement and participated in two sub-areas in the second framework agreement. The KEHA Centre is a long-standing client for Gofore. While we estimate the contract is larger than previous ones, it primarily serves as an important base load builder and does not create immediate pressure to revise our forecasts.
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Bringing the “podium places” of that tender from the comment. Good to note here that even if a name doesn’t appear on the list for a specific area, as Gofore stated, they also work as a subcontractor for Netum in other areas. As I understand it, Gofore potentially uses others as subcontractors as well. So there’s a bit of cross-utilization going on, which is good 
and this is typical for other contracts in the sector as well.
| Providers selected for the KEHA project framework agreement (in order of priority) | ||||
|---|---|---|---|---|
| Procurement decision, Procurement of expert services for solution development and maintenance | 1st place | 2nd place | 3rd place | 4th place |
| A: Data repository services and integrations | Netum | Twoday | Solita | |
| B: Product platforms and solutions | Gofore | Alfame Systems | Solita | |
| C: Digitalisation of grant, payment and compensation processes | Twoday | Netum | Gofore | |
| D: New application, service, and AI development areas | Twoday | Solita | Tieto | Innofactor |
| Procurement decision, Procurement of development and expert services for extensive development entities | 1st place | 2nd place | 3rd place | |
| A: Employment services | Gofore | Twoday | Tieto | |
| B: Digital public authority services | Gofore | Twoday | Netum | |
| C: Operational development | Gofore | Tieto | Futurice |
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Is it possible to estimate the bidders’ prices from the procurement decision?
Unfortunately not directly. It did mention Gofore’s seemingly exceptionally low price and that an explanation had been requested from the company, which was apparently deemed sufficient. In the competitive bidding process, price was weighted at 40% and quality criteria at 60%. It really is interesting to see, though, now in the AI era, how these projects will be executed, given that we don’t know the exact specifications from the request for tenders. AI does bring efficiency, however… so the margin structure could end up being quite good at current prices in the end.
Also regarding the tender: “A total of 13 bidders submitted a bid by the deadline. 3 bids were received for lot A, 8 bids for lot B, and 8 bids for lot C. The estimated maximum value of the procurement is 100 million euros.”
According to my interpretation, these were the bidders, as they were on the distribution list:
Citrus Solutions Oy
Nortal Oy
Innofactor Code Oy
Gofore Finland Oy
Solita Oy
Deloitte Oy
twoday Oy
Sofigate Oy
CGI Suomi Oy
Capgemini Finland Oy
Futurice Oy
Netum Oy
Tieto Finland Oy
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The Q3 interim report has just been published - and as always, it’s worth checking out the full report, which now features updates for our strategic sectors Intelligent Industry, Defence & Space, and Digital Society separately as new content
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Analyst comments on Gofore’s Q3 results. 
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Our CEO Mikael Nylund shares his thoughts on Q3 and a bit more on KL Talousaamu today; Mikael’s segment starts at around the 18-minute mark:
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@Mikael_Nylund was interviewed by Joni
Topics:
(00:00) Intro
(00:10) Q3 highlights
(01:23) Performance across market areas
(03:01) Situation by customer sector
(05:39) Utilization of AI in the public sector
(08:05) KEHA framework agreements
(08:43) Profitability
(11:57) Q4 outlook
(15:12) Strategy process
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Here is the company report on Gofore from Joni following Q3
We reiterate our Buy recommendation for Gofore with a target price of EUR 14.5. Gofore’s revenue continued to grow organically and profitability was slightly better than expected in Q3. Gofore’s market comments were once again slightly more positive than before. The company is likely to announce minor strategy adjustments around the turn of the year, but major changes to the big picture are unlikely. We expect the company to continue to aim for, and also succeed in delivering, performance clearly above the sector in the coming years. Overall, the stock’s valuation picture remains very attractive from several angles (2027e EV/EBIT 8x, expected return >20%, and DCF EUR 15.8).
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