24SevenOffice is currently involved in a legal matter with the founders of Busy Technologies AS ("Busy") concerning the terms of an earnout agreement and the founders' admitted tax fraud. The core of the dispute lies in whether Busy fulfilled specific financial criterias that would allow its founders to exercise an option to sell their remaining shares in Busy to 24SevenOffice. The option for the founders to sell their shares only applies if Busy 1) has not raised additional capital after the initial investment of 2.5 MNOK and 2) has an ARR over 3 MNOK.
Through the preliminary ruling, the judge has avoided addressing questions of fraud related to the founders' misuse of
Following the preliminary court ruling, 24SevenOffice is required to purchase the remaining 49.7 % of shares in Busy Technologies for
For further information please contact:
Tel: +47 247 00 030, eas@24sevenoffice.com
24SevenOffice in brief
24SevenOffice's vision is to empower businesses for the future by delivering first-class business systems based on cloud technology. The business system is modular, with modules offered separately or as complete solutions. For more information, see www.24sevenoffice.com.
https://news.cision.com/24sevenoffice-scandinavia-ab/r/24sevenoffice-group-ab-received-court-ruling-on-price-for-shares-in-busy-technologies-as,c3946992
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