Huddlestock Fintech AS (OSE: HUDL): Huddlestock receives ownership approval for the acquisition of Trac Services AS

28 Feb 2023 08:54 CET

28.2.2023 08:54:21 CET | Huddlestock Fintech AS | Additional regulated
information required to be disclosed under the laws of a member state

Huddlestock Fintech AS ("Huddlestock") has received ownership approval for the
acquisition of Trac Services AS from the Norwegian Financial Surveillance
Authorities ("FSA") and will move swiftly to close the transaction and start the
group collaboration.

With reference made to the press release of 12th May 2022 in which Huddlestock
made public the purchase of 100% of the issued shares of Trac Services AS and
Tracs Technology AS. The closing of the transaction has been subject to approval
from the Financial Surveillance Authorities due to the change in ownership in
Trac Services AS. Following such approval received from FSA on 27th February
2023, the transaction will now within a short period be completed. Such closing
will be carried out as a share exchange following which the sellers of Trac
Services AS and Tracs Technology AS will become owners of 12,732,819 shares ("
Initial Shares") of Huddlestock to be issued by the Board of Huddlestock based
on a registered proxy and will in addition be entitled to up to 4,375,539 bonus
shares based on the financial performance during 2023. Huddlestock will issue a
separate press release when the Initial Shares have been issued.

Huddlestock is really excited about now being able to close the Tracs
transactions and start integrating the organisations into the Huddlestock Group.
The acquisition gives Huddlestock the necessary license upgrade that have been
targeted and inclusion of the first-class operational services which the
professional staff is diligently providing to all their clients every day. In
addition, Huddlestock gets a suite of complementary wealth management products,
and will see an increase in the annual recurring revenues with an estimated NOK
14.1 million per year. Trac Services will shortly change name to Huddlestock
Investor Services AS, while Tracs Technology AS will be merged into Huddlestock
Technologies.

"Trac Services brings over 18 years of experience from the financial industry,
and currently have 12.000 end clients and approximately NOK 4 billion in assets
under management. Together with Trac´s regulatory brokerage license, we see
strong
synergies between Huddlestock and Trac Services. Combined we will be one of the
largest B2B Fintech providers in Europe with a full suite of end-to-end
solutions for the growing demand for Brokerage-as-a-Service. Collaborating with
the rest of the Huddlestock Group, we can see a significant increase of
customers being serviced by our experienced and professional team in Trac
Services. Furthermore, do we expect to see new clients to come on board and that
our revenues and margins will continue to develop positively. We are now ready
to welcome new partners and clients in the Nordics as well as continental
Europe," says John E. Skajem, CEO of Huddlestock Fintech AS

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act. The stock exchange announcement
was published by the contact person, at the date and time as set out above.



To see all press and investor releases please have a look in the investor
relations section of our corporate website
www.huddlestock.com/investor-relations -
http://www.huddlestock.com/investor-relations

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/17848032/2141/2885/Download%20announcement
%20as%20PDF.pdf

HSF IR Tracs approval Presse 20230228.pdf -
https://kommunikasjon.ntb.no/ir-files/17848032/2141/2884/HSF%20IR%20Tracs%20appr
oval%20Presse%2020230228.pdf

More information:
Access the news on Oslo Bors NewsWeb site

583807_en_Download announcement as PDF.pdf
583807_en_HSF IR Tracs approval Presse 20230228.pdf