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    SIKRI   NO0010881717

SIKRI HOLDING AS

(SIKRI)
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SIKI HOLD : Sikri signs term sheet regarding acquisitions of Sureway AS and Whatif AS

08/24/2020 | 02:27am EDT
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), says Nicolay Moulin, CEO of Sikri.

The agreed enterprise value of the transaction is approximately NOK 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 of NOK 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 of NOK
115, representing the closing price of the Sikri share at the Merkur Market on
18 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 on Merkur 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 on Merkur Market.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

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Financials
Sales 2020 168 M 19,5 M 19,5 M
Net income 2020 14,2 M 1,65 M 1,65 M
Net cash 2020 16,1 M 1,87 M 1,87 M
P/E ratio 2020 75,4x
Yield 2020 -
Capitalization 2 275 M 264 M 265 M
EV / Sales 2019
EV / Sales 2020 8,29x
Nbr of Employees 255
Free-Float 95,9%
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Managers and Directors
Nicolay Henrik Kaare Moulin Chief Executive Officer
Camilla Aardal Chief Financial Officer
Torstein Harildstad Chairman
Eirik Pedersen Chief Operating Officer
Jens Rugseth Director
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