OSE notification ARRIBATEC TO ACQUIRE MAKSIT AS HIGHLIGHTS o A subsidiary ofArribatec Solutions ASA (Arribatec) has signed a Letter of Intent (LOI) to acquire Maksit AS (Maksit), a provider of HR and payroll services to 50 large Norwegian Companies. o Arribatec and Maksit will expand the joint international Solution as a Service (SolaaS) offering, including HR and payroll solutions. Maksit expects revenues of approximatelyNOK 19 million and positive EBITDA ofNOK 6 million in 2020. o The total acquisition cost is expected to beNOK 31 million in cash and Arribatec shares, in addition to 3.2 million options atNOK 2.25 pr share. (Oslo, Norway ,17 December 2020 )Arribatec Solutions ASA (OSE: ARR) today announces the potential acquisition of Maksit, a specialist in Unit4 based HR and payroll solutions with a strong position in the Norwegian enterprise market. Arribatec and Maksit will grow and expand the joint offering as part of the strategy of creating a leading international SolaaS company through organic growth and accretive acquisitions. "We´re pleased to welcome Maksit to the Arribatec team, bringing their strong HR and payroll offering to Arribatec's platform and international capabilities. The potential acquisition will strengthen our joint offering and we see a great potential in our strategy of delivering Solution as a Service to our rapidly growing base of Norwegian and international customers," says PerRonny Stav , Chief Executive Officer of Arribatec. Arribatec has entered into a LOI to acquire Maksit with offices inOslo and Trondheim for a total transaction cost ofNOK 31 million , which will be settled withNOK 20 million in cash and 11 million in shares in Arribatec atNOK 2,20 , in addition to 3.2 million options within 4 years atNOK 2.25 pr share. Maksit serves HR and payroll services based on Unit4 ERP to 50 large Norwegian companies. The company expects revenues of approximatelyNOK 19 million in 2020 with an EBITDA ofNOK 6 million . "Maksit brings a highly experienced team of HR and payroll consultants and complement our current organization. By combining our capabilities, Arribatec and Maksit will grow and expand SolaaS to include HR and payroll solutions globally and transform into a business model based on recurring revenues. We look forward to the potential business combination, which ticks another box in our strategy of developing a fast-growing global SolaaS company through organic growth and accretive acquisitions," Stav concludes. Arribatec and Maksit combined (including all recently announced Arribatec acquisitions) expect proforma annual run rate revenues at the end of 2020 in the range ofNOK 440 million , whereof 32% revenue from international operations, and a positive EBITDA. 35% of the revenues are classified as annual recurring revenues, ARR. ENDS For additional information, please contact: PerRonny Stav , CEO,Arribatec Solutions ASA : +47 994 42 378 Martin Nes, Chairman of the Board,Arribatec Solutions ASA : +47 920 14 814 About Arribatec | www.arribatec.com Arribatec is a software and consulting company headquartered inOslo . With a customer centric engagement model, combined with a deep system, integration, and domain competence, Arribatec builds long term strategic partnership with a broad customer base. Arribatec serves more than 450 large entities spread over 25 countries and various industries, both in the private and public sector. The company employs over 300 people, taken announced acquisitions into account, with offices in 11 countries and is listed on theOslo Stock Exchange under the ticker code ARR.
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