Orn Software Holding AS (OB:ORN) signed an agreement to acquire Rapal Oy from owners for an implied enterprise value of NOK 374 million on June 25, 2021. The transaction will be settled with a combination of cash, Ørn Software shares (accounting for approximately 20% of the purchase price payable) and a deferred earn-out payment (accounting for approximately 7% of the purchase price) payable if the conditions for the earn-out payment are satisfied. The Ørn Software shares will be issued pursuant to a Board authorization. Ørn will also be liable to pay Finnish transfer tax upon closing of the transaction. Rapal reported a revenue of NOK 85 million and EBITDA as NOK 18 million for the period of 2020. Ørn Software has ambitions for further acquisitions and significant organic growth. The transaction is expected to close in July 2021. Jan Johanson of Krogerus Attorneys Ltd. acted as legal advisors to Ørn Software in the transaction. KPMG acted as financial advisor to Rapal Oy.

Orn Software Holding AS (OB:ORN) completed the acquisition of Rapal Oy from owners on July 9, 2021. The purchase price in the transaction was settled with cash, issuance of new shares in the Company and a deferred earn-out payment (that may become payable upon satisfaction upon certain conditions). To ensure delivery of the new shares to the sellers of Rapal, the Board of Directors has, pursuant to an authorization granted by the Company's general meeting, resolved to increase the share capital with NOK 646,298 through the issuance of 6,462,980 new shares, each share with a par value of NOK 0.10. The earn-out related to the acquisition of Rapal Oy has been met in full, resulting in the payment of the earn-out consideration of EUR 2.4 million in April 2022. During March 2022 the conditions for the earn-out related to the acquisition of Rapal Oy have been met in full, resulting in an earn-out consideration of EUR 2.4 million to be paid in March 2022.