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    HIDDN   NO0003108102

ARRIBATEC SOLUTIONS ASA

(HIDDN)
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Hiddn : ARRIBATEC ACQUIRES INNIT AS

11/03/2020 | 06:11am EDT
OSE NOTIFICATION

ARRIBATEC ACQUIRES INNIT AS

HIGHLIGHTS
o Arribatec AS, a subsidiary of Arribatec Solutions ASA has entered into a share
purchase agreement related to the acquisition of 100% of the shares in Innit AS 
o The transaction will be settled for a fixed net purchase price of NOK 52,3
million, plus 5,647,200 shares in Arribatec at a subscription price of NOK 1.50
per share.

Oslo, Norway, 3 November 2020) Arribatec Solutions ASA (OSE: ARR) today
announces the acquisition by Arribatec AS of Innit AS as part of the strategy of
creating a leading Solution as a Service (SolaaS) company through organic growth
and accretive acquisitions.

"We are pleased to welcome the Innit team to Arribatec with their complementary
expertise, services and solutions. Innit has a proven Hybrid and Public Cloud
platform already operational for more than 100 customers, which is essential for
delivering on our strategy of delivering best-in-class Solution as a Service.
The acquisition is also an important milestone in our strategy of creating a
leading SolaaS company through accretive M&A initiatives and accelerated organic
growth, "says Per Ronny Stav, Chief Executive Officer of Arribatec. 

Arribatec has entered into a share purchase agreement related to the acquisition
of 100% of the shares in Innit for a net fixed purchase price of NOK 52,3
million, plus 5,647,200 shares in Arribatec at a subscription price of NOK 1.50
per share ex dividend.  

Innit, headquartered in Hamar, Norway, was founded in 2001 and has 60 employees
distributed over 4 offices in Norway. The company has shown the ability to
combine strong growth with positive operational margin and has over the past two
years increased sales by 80% combined. Expected turnover for 2020 is NOK 75
million and with an EBITDA of NOK 5 million.

The company helps customers to discover, create and take care of digital
business opportunities by using modern DevOps frameworks. Through a combination
of Hybrid and Public Cloud, Innit offers a well proven IT and development
platform to deliver high quality services to more than 100 customers in Norway.
The core capabilities of Innit includes IT operation, Cloud, security, backup,
support, SLA, SPoC, Azure/AWS/Google and interdisciplinary work with development
(DevOps). Their specialties are related to basic IT operation, Cloud, security,
backup, Support, SLA, SPoC, Azure/AWS/Google and interdisciplinary work with
development (DevOps). The highly skilled development team delivers creative
services, custom development, apps and integrations for digitally mature
organizations. 

"Arribatec and Innit will jointly deliver a unique set of software and
infrastructure, implemented and integrated as a service, to generate long-term
recurring revenue for the company. We look forward to work with the Innit
management and team to leverage on the opportunities ahead, "Stav concludes. 

The management team of Innit will continue with the company having agreed to a
18,5% cash payment for their shareholding and an 81,5% conversion to shares with
a lock-up of 18, 30 and 42 months in line with the rest of the key resources in
Arribatec.

The purchase price for 100 % of the shares in Innit will be settled in cash and
shares in Arribatec Solutions ASA. The closing of the transaction is subject to:

(i)	completion of a due diligence review of the Innit group without Arribatec AS
identifying any material findings, 
(ii)	Arribatec AS has entered into share purchase agreements for all shares held
by the minority shareholders in Innit Drift AS (1,3%) and Innit Utvikling AS
(2,1%) and the conditions of closing of such agreements have been fulfilled (the
remaining shares in such companies are held by Innit AS), 
(iii)	and certain other customary conditions, including certain third-party
consents. The transaction is not subject to any regulatory approvals. Closing is
expected to take place on or about 30th of November 2020. The Innit group will
divest certain non-core assets to its majority shareholder prior to closing.

For additional information, please contact: 

Per Ronny 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 in Oslo. 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 200 large entities spread over 20
countries and various industries, both in the private and public sector. The
company employs over 110 people with offices in 8 countries and is listed on the
Oslo Stock Exchange under the ticker code ARR.

About Innit | www.innit.no
Innit, headquartered in Hamar, Norway, was founded in 2001 and has 60 employees
distributed over 4 offices in Norway. The company helps customers to discover,
create and take care of digital business opportunities by using modern DevOps
frameworks. Through a combination of Hybrid and public Cloud; Innit offers a
well proven IT and development platform to deliver high quality services to more
than 100 customers in Norway. Their specialties are related to basic IT
operation, Cloud, security, backup, Support, SLA, SPoC, Azure/AWS/Google and
interdisciplinary work with development (DevOps).

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

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Managers and Directors
Per Ronny Stav Group Chief Executive Officer
Geir Johansen Group Chief Financial Officer
Martin Nes Chairman
Atle Haga Chief Technology Officer
Svein M. Birkemoe Manager-Research & Development