Huddlestock enters the pension market through the acquisition of Dtech

23 Feb 2023 08:37 CET

23.2.2023 08:37:31 CET | Huddlestock Fintech AS | Additional regulated
information required to be disclosed under the laws of a member state

Huddlestock Fintech AS (OSE: HUDL) signs an agreement to acquire Dtech

Huddlestock Fintech AS ("Huddlestock") continues to scale its wealth management
and trading platform and has signed a Sale and Purchase agreement to acquire
Dtech AS, a Norwegian software company with robust and easy to use solutions for
portfolio management and fund order technology for the pension market and
pension providers.

Dtech was established in 2019 and generates today revenues through a SaaS model
to the leading Norwegian challenger in the pension market, Duvi Pensjon.

"Our vision is to democratize the capital markets, and by adding the pension
vertical to our offering we are entering a vast new market with a strong growth
outlook. Huddlestock and Dtech is a very good match, as Dtech can expand its
customer offering with Huddlestock technology like trading, asset management,
back-office, and settlement services to its client base in Norway. Furthermore,
we see opportunities to expand the pension products together with Huddlestock
and Dtech to the rest of the Nordics as well as to the German market." said John
E. Skajem, CEO of Huddlestock.

Duvi Pensjon, the leading challenger in the Norwegian pension market, is
focusing on SMEs and has 6,000 corporate customers serving 73,000 individual
pension schemes, managing NOK 4 billion in Asset Under Management.

A perfect match

"Dtech is an innovative and important partner to Duvi Pensjon, as we build our
position as an innovative and credible challenger in the corporate pension
market. We see Huddlestock, with their position as a technology-driven
challenger within wealth tech, as a perfect match for both Dtech and Duvi," said
Asbjørn Erdal, CEO of Duvi Pensjon

The acquisition of Dtech is an all-share transaction. The Purchase Price shall
be settled by the Buyer with 828 706 shares in the Buyer, using a price per
Consideration Share equal to a volume-weighted average price the last 10 trading
days prior to the signing of this Agreement, being NOK 2,4134 per share. There
is an additional earn-out potential of NOK 4 million payable in Consideration
shares if an additional NOK 10 mill have been achieved in recurring revenue
within this sector over the coming two years.

The senior management team of Dtech, Leif Arnold Thomas (CEO) and Daniel Risberg
(CPO) remain with the company after the acquisition and will join Huddlestock in
leading management roles.

"The team has more than 60 years of combined experience from fintech in
organizations like Oslo Børs VPS/Euronext and Centevo, and I am delighted that
they will remain with the company as driving forces for the development within
this new vertical for Huddlestock," said John E. Skajem, CEO of Huddlestock.

"We are looking forward to joining Huddlestock, as we share the same ambitions
for the fintech industry and believe Dtech's ability to scale will improve
significantly when included in the Huddlestock system, said Leif Arnold Thomas,
CEO of Dtech.

2022 was the first year of regular operation for Dtech. Dtech has developed a
specialized SaaS technology which has been proven to support the pension
industry. The company has experienced strong growth during the last 12 months
and is expected to continue to deliver impressive recurring revenues. As part of
Huddlestock, revenue growth is expected to be significant in the years to come,
driven by new customers and additional services already available from
Huddlestock.



Disclosure regulation

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

Contacts John E. Skajem, CEO, +47 418 87 412, john.skajem@huddlestock.com

For more information, please visit www.huddlestock.com -
http://www.huddlestock.com

DISCLOSURE REGULATION

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

CONTACTS

* John E. Skajem, CEO, +47 418 87 412, jes@huddlestock.com

ABOUT HUDDLESTOCK FINTECH AS

Huddlestock Fintech is an innovative technology software provider with a leading
expert professional services business. We deliver innovative and sustainable
technology solutions to the capital markets, treasury and wealth management
industries.

Through its technology offering, Huddlestock offers an innovative, compliant,
and data-centric WealthTech SaaS, accelerating the digital transformation, and
trends of hyper-personalization and on-demand banking within the wealth
management industry. Huddlestock's SaaS empowers the embedding of low-cost,
efficient white-label trading and investment services, underpinning
Huddlestock's mission of delivering financial inclusion by democratizing access
to capital markets.

Through its world-class expert professional services business, Huddlestock
delivers strategic technology solutions and process automation for the financial
services industry. This range of services has propelled Huddlestock into
becoming the preferred supplier of financial consultancy services and technology
solutions in the Nordic region. Huddlestock Fintech AS was listed on Euronext
Growth Market 26th November 2020, as Norway's first fintech company to be
publicly traded.

For more information, please visit www.huddlestock.com -
http://www.huddlestock.com/



ATTACHMENTS

Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17848032/2130/2864/Download%20announcement
%20as%20PDF.pdf

HSF IR Dtech Presse 20230223.pdf -
https://kommunikasjon.ntb.no/ir-files/17848032/2130/2863/HSF%20IR%20Dtech%20Pres
se%2020230223.pdf

More information:
Access the news on Oslo Bors NewsWeb site

583300_en_HSF IR Dtech Presse 20230223.pdf
583300_en_Download announcement as PDF.pdf