Hawk Infinity Software AS – Agreements on Acquisitions

29 Oct 2024 14:48 CET

Hawk Infinity Software AS (“HIS”) has entered into agreements for the
acquisition of 100% of Capnor AS (“Capnor”), Genera Networks AB (“Genera”),
Virosoft OÜ (“Virosoft”) and Mikon AS (“Mikon”), as well as 55% of MotionTech AS
(“MotionTech”).

Capnor is a supplier of 3D scanning and digital twin data for the energy and
construction industry. As part of its offering, Capnor offers access to the
cloud-based platform Ayelix. Ayelix is a self-developed tool for managing data
and is also sold as a separate product. The company has offices located in
Stavanger and Krakow and offer its services globally. The company has strong
underlying growth on the top and bottom line, with a large portion coming from
Ayelix.

Genera has since 2009 provided regulated and state-owned gaming operators with
market optimized gaming platforms and unique game formats. Genera’s platform
services include analysis, content aggregation, game format development and
delivery in a comprehensive solution. Genera has the Norwegian state-owned
gaming operator Norsk Tipping as one of its key customers. Based in Stockholm,
the company offers its solutions across Europe.

Virosoft, also known as Andevis, is a supplier of human resource management
software for some of Estonia’s largest public and private enterprises. Their
technology offering includes all required modules for HR management and a strong
track-record for custom enterprise solutions. With the company’s long history of
providing value for large enterprises, Virosoft has a clear opportunity to grow
in core and adjacent markets. The company is headquartered in Tallinn, Estonia.

MotionTech is a supplier of advanced motion technology and cyber-physical
systems for a range of industrial applications. The company realises substantial
value for their clients through enhanced efficiency, simulation driven
development, and operational performance where information and operational
technology must collaborate. MotionTech’s top- and bottom-line growth have been
solid, including an impressive pipeline to capitalise on. The company is
headquartered in Grimstad, Norway and offer their services globally.

Mikon delivers best of breed software solutions for production and manufacturing
reporting needs. The company is optimized for automatic collection, processing
and storage of data, and has established strong, long-term relationships with
leading industrial clients, while securing new contracts with major players. The
company is headquartered in Oslo, Norway.

The companies to be acquired have a combined LTM pro forma EBITDA of NOK 72m as
of September 2024, with strong underlying year-over-year growth on top line and
bottom line. The acquisitions are closed at an upfront enterprise value of NOK
464m. A limited additional contingent consideration will be granted for some of
the acquisitions if certain relatively ambitious free cash flow growth targets
are met over the coming years.

The acquisitions will be funded by available liquidity, release from the escrow
account and an equity issue in HIS towards Hawk Infinity AS. The transactions
are expected to close during the next two weeks.

For further information please contact:

Joakim Stavnes Karlsen
Chief Executive Officer
Tel: +47 483 88 583
E-mail: jk@hawk.no

Lars Fredrik Revling
Chief Financial Officer
Tel: +47 412 22 772
E-mail: lr@hawk.no

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