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.