Huddlestock Fintech AS announces close of Visigon Nordic AB deal.
NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, TO U.S. NEWS WIRE
SERVICES OR FOR DISSEMINATION IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR
JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE
(Stavanger, NORWAY - 11 June 2021) Huddlestock Fintech AS (HUDL, OSE: HUDL)
announces close of Visigon Nordic AB deal.
Reference is made to the stock exchange announcement of Huddlestock Fintech AS
(the "Company" or "Huddlestock") dated 5 May 2021 and 1 June 2021 regarding the
Company's acquisition of Visigon Nordic AB and the results of the Rights Issue
(the "Capital Raise").
Huddlestock is delighted to announce the closing of the deal to acquire Visigon
Nordic AB. As per the announcement made May 5, 2021, the acquisition was paid
for in the following split: 60% cash payment and 40% share exchange by the
issuance of Huddlestock-shares. The final price paid for Visigon Nordic AB was
NOK 56 million, implying a valuation of 1.4x 2020 sales and 6x EV/EBITDA.
"The acquisition of Visigon is a landmark deal for Huddlestock, and will
strengthen our product offering and go-to-market strategy significantly. We are
delighted to have received strong support from more than 330 new and existing
shareholders. Looking into 2Q 2021, we are confident of delivering solid
results together," says CEO of Huddlestock John E. Skajem
As a part of the closing today of said acquisition, the board of directors today
resolved to issue 3,838,448 new shares ("New Shares") via a private placement
directed to the sellers of Visigon Nordic AB. The sellers of Visigon Nordic AB
("Sellers") will subscribe for the New Shares pro rata. The contribution by the
Sellers is made by assigning 300 shares, pro rata, in Visigon Nordic AB to the
The Company has today in addition also resolved to issue 516 520 new shares to
Vision Invest Stavanger AS, Gjedrem Holding AS, John Skajem, Colibri Invest AS,
Cecilia Luras and Nith Vegaya ("Subscribers"). The share capital increase shall
be by contribution in kind from the Subscribers by Offsetting a debt of NOK 3
099 120. The shares will be divided proportionately between the Subscribers by
the size of the Company's debt to the Subscribers. The issuance of new shares
was approved by Huddlestock's Board of Directors.
Following the registration of the capital increases as set out above,
Huddlestock will have a share capital of NOK 226,674.713 divided into
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
For questions, please contact investor relations.
John E. Skajem, CEO, +47 418 87 412, email@example.com
Cecilia Luras, Director of Strategy & IR, +44 75 0090 5131, firstname.lastname@example.org
About Huddlestock Fintech:
Huddlestock Fintech AS was listed on Euronext Growth Market 26 November 2020, as
Norway's first fintech company to be publicly traded. Huddlestock Fintech is a
company that develops unique software as a service-solutions for digitizing work
processes for custody banks, asset managers and trading venues.
The open, compliance-optimized and data centric platform allows our customers to
offer a differentiated real-time product that reduces cost and increases
efficiency. Huddlestock Fintech's technology enables end-to-end digital services
such as onboarding, client communication, reporting, order execution and
portfolio management, all executed on the same platform.
Huddlestock has two main products: Apex (Custody) and Bedrock (Connectivity).
Apex is a software as a service-solution that links custody services with asset
managers and individual investors. Bedrock provides a white label solution that
is primarily a product for financial services firms wanting to add low
cost-efficient trading and investing services to their client web and app
Huddlestock has offices in Oslo, Stavanger, Kuala Lumpur, Paris, Copenhagen,
Stockholm and Munich.
For more information, please visit www.huddlestock.com.
The information included in this announcement is defined as inside information
pursuant to the EU Market Abuse Regulation article 7 and is publicly disclosed
in accordance with MAR article 17.
The announcement is made by the contact persons set out above.
Click here for more information
© Oslo Bors ASA, source Oslo Stock Exchange