Snowball Software Group AS – completion of acquisition

17 Apr 2026 16:55 CEST

Snowball Software Group AS (“SSG”) has entered into agreement for and closed the
acquisition of 80% of AW Cloud Nomads Ltd (“Cloud Nomads”).

Cloud Nomads is an Amazon Web Services (AWS) Platform-as-a-Service (PaaS)
company that provides a range of technology solutions and services, with a focus
on automation tools and recurring service delivery through its internal
intellectual property. Through its partnership with AWS, Cloud Nomads delivers
cloud and integration solutions, as well as comprehensive project management and
consulting services. The company is based in Cyprus and was founded in 2020.

Cloud Nomads has an LTM EBITDA per March-2026 of 56 MNOK. The acquisition was
closed at an enterprise value of 365 MNOK (100% basis), and there is no earn-out
commitment. The founder and CEO will retain a 20% ownership stake in the
company. The transaction was financed with available liquidity in SSG.

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

More information:
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