Oslo ,24 August 2020 .Sikri Holding AS ("Sikri"), a key player in the market for managing and archiving documents specialising towards the public sector and providing the software platforms Elements, ephorte,ESA and eByggesak, has entered into a binding term sheet regarding the acquisitions of Sureway AS and Whatif AS. Sureway and Whatif have developed and operate cloud-based compliance and risk management solutions being used by many Norwegian municipalities, Regional Health Authorities, governmental institutions and governmental owned organisations. The companies are based in Harstad,Norway . With these acquisitions, Sikri will be able to deliver cloud-based compliance and risk management solutions. The focus on compliance tools has increased in the recent years due to, among others, the introduction of the new General data protection regulations (GDPR), saysNicolay Moulin , CEO of Sikri. The agreed enterprise value of the transaction is approximatelyNOK 23 million , on a cash-free and debt-free basis and assuming a normalized level of working capital. The enterprise value is based on an estimated normalised EBITDA for 2020 for the two companies ofNOK 3.4 million multiplied by a factor of 6.75, being subject to final adjustment upon the actual normalised EBITDA for 2020. The purchase price under the transaction will, subject to customary adjustments, expected to be settled as follows: - 1/3 of the purchase price in cash upon closing, - 1/3 of the purchase price as sellers' credit to be paid no later than 36 months from closing. Interest of 5% per annum is to be paid in quarterly arrears, and - 1/3 of the purchase price of shares in Sikri valued at a share price ofNOK 115 , representing the closing price of the Sikri share at the Merkur Market on18 August 2020 . Sikri intends to acquire all shares in Sureway and Whatif from the majority shareholder, Wramble AS, and the other shareholders representing the companies' employees. Wramble AS is the holding company of the founder and CEO,Kjetil Odin Johnsen . The acquisition is conditional upon a satisfactory result of a due diligence process to be performed by Sikri, and upon Sikri and the sellers agreeing on the terms and conditions of a final share purchase agreement for the consummation of the transaction, containing, inter alia, customary closing conditions. The acquisitions are furthermore subject to approval of the Board of Directors of Sikri. The transaction is expected to close during Q4 2020. AGP Advokater is acting as legal advisor to Sikri in connection with the transaction. For further information, please contact:Nicolay Moulin , CEO - Sikri E-mail: Nicolay.moulin@sikri.no. Telephone: +47 905 91 983 About Sikri Sikri is a software company that specializes in delivering good digital solutions to the public sector in the Nordic region. Sikri has historically delivered the best digital solution for case management and archive systems to the public sector, and are now also delivering broad software solutions. Sikri offers complete solutions for cloud services, conversion and delivery of databases and documents, as well as the construction case area (eByggesak), map and cadastre.Sikri Holding AS is a Norwegian private limited company having its shares admitted to trading onMerkur Market , an MTF operated by Oslo Børs, with ticker "SIKRI-ME". This information is subject of the disclosure requirements pursuant to section 3.1 of Continuing obligations of companies admitted to trading onMerkur Market .
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