Techstep acquires cybersecurity SaaS company Crypho

06 May 2022 07:00 CEST

Company Name

TECHSTEP

ISIN

NO0003095309

Market

Oslo Børs

Symbol

TECH

Techstep ASA ("Techstep"), has signed an agreement to acquire the entire share
capital of Crypho AS, an end-to-end encrypted enterprise software as a service
(SaaS) messaging and file-sharing application.

Crypho was established in Norway by security and cryptography specialists. The
company delivers secure end-to-end encryption, chat, file sharing and video
communication for organisations. Existing customers include segments such as law
enforcement, government, health and other private sector businesses.

Through its managed mobility solution "SmartControl", Techstep provides
enterprises with mobile security. Crypho's end-to-end encrypted messaging and
file-sharing complements Techstep's existing offering and delivers features
relevant to any organisation.

"With the acquisition of Crypho, we continue to expand and strengthen Techstep's
product offering. We will bring Crypho's unique technology and software solution
to our customer base across Europe, providing easy to use, GDPR compliant and
secure communication for any organsiations", says Børge Astrup, Techstep CEO.

Crypho has an ARR of NOK 1.9 million, and Techstep expect a positive development
during 2022. Techstep will leverage its platform and customer base to scale the
technology and further develop the software solution with its in-house expertise
and R&D capabilities. The acquisition is mainly related to technology and IP and
Techstep will therefore not take on significant new costs following the
acquisition.

The acquisition price is NOK 10 million at enterprise value basis and is fully
financed through a combination of share issue, earn-out and debt.

For more information, please contact:

Børge Astrup, CEO: +47 928 27 676


About Techstep

Techstep is a complete mobile technology enabler, making positive changes to the
world of work; freeing people to work more effectively, securely, and
sustainably. We help customers who want to work smarter, while also delivering
on their ESG commitments. With more than 350 employees based in Norway, Sweden,
Denmark, and Poland, we serve more than 2,000 enterprise customers in Europe.
Techstep has NOK 1.3 billion in full year 2021 revenues, and is listed on the
Oslo Stock Exchange under the ticker TECH. To learn more, please visit
http://www.techstep.io.

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.


Source

Techstep ASA

Provider

Oslo Børs Newspoint