ECIT AS

M&A Activity • Jun 29, 2023

Fornebu, 29 Juni 2023

ECIT Sustainability AS becomes part of ECIT

Company announcement No. 169

ECIT AS hereby announce that ECIT Sustainability AS has become a part of ECIT.

• The acquisition strengthens ECIT's competence and customer deliveries within sustainability consultancy and reporting. We are pleased to welcome customers and employees of ECIT Sustainability to ECIT, and to take a further step towards becoming a partner for our customers within sustainability consulting and sustainability reporting, says Peter Lauring, CEO in ECIT.

ECIT is acquiring 50.1 % of the shares in ECIT Sustainability, with an option to acquire the remaining shares in the company. The acquisition has been settled in cash.

About ECIT Sustainability AS

ECIT Sustainability AS, located in Drammen, is a consulting firm within sustainability consulting and sustainability reports. ECIT Sustainability is to work together with ESG Trackr AS, a company who became part of ECIT earlier this month. The aim is to help ECIT customers across Norway to take an active role in assuring a sustainable future and to follow the regulatory requirements within sustainability reporting. ECIT Sustainability is established in 2023 by Flemming Wagner and Geir Smeby (GFD Green AS) both are experts within the ESG field and within sustainability reporting.

ECIT Sustainability is established in 2023. Entering into ECIT, the company has changed its name to ECIT Sustainability. Read more on https://www.gfdgreen.com/.

About ECIT

Founded in 2013, ECIT supports a large customer base with accounting, payroll, and IT services. ECIT has a proven model for acquisitions, combining proximity to customers, local entrepreneurship and the strength of a larger international group. ECIT has a fullyear proforma 2022 revenue of 3.1 billion NOK per Q1 2023 and more than 2,400 employees across ten countries. M&A has been key to drive the Company's growth as ECIT has completed close to 140 acquisitions since 2013. Read more at www.ecit.com.

For further information please contact

Mads Skovgaard, Group CFO mskovgaard@ecit.com +45 2780 4942