Arribatec Group ASA - M&A Activity 2019

HIDDN: Enters into an LOI for a potential business combination with Ayfie Group

(Oslo, 24 June 2019) Hiddn Solutions ASA (Hiddn, OSE: HIDDN) has entered into a

Letter of Intent (LOI) for a potential business combination with Ayfie Group AS,

an international provider of Artificial Intelligence enhanced solutions for the

legal, legal services, finance and publishing industries

Hiddn and Ayfie has on 24 June 2019 entered into an LOI for a potential business

combination of the two entities. Following the potential transaction, the Ayfie

shareholders are expected to hold approximately 85% of Hiddn. The Ayfie

technology was launched in late 2017, and Ayfie reports audited revenues in 2018

of NOK 48.9 million and a contracted annual recurring revenue at year end 2018

of NOK 68 million.

Ayfie Group AS is the parent company of the Ayfie Group (Ayfie). Ayfie is an

international provider of Artificial Intelligence enhanced solutions based on

proprietary linguistics, machine learning, smart search and text analytics for

the legal, legal services, finance and publishing industries. Ayfie has

operations in Oslo (Norway), Stockholm (Sweden), Munich (Germany), New York City

(USA) and Denver (USA) through fully owned subsidiaries.

"The global market for the analysis of large volumes of text through artificial

intelligence and machine learning is expanding rapidly. Ayfie's unique

technology gives businesses the ability to leverage insight for process

automation. Ayfie's ambition is to take a leading position in this fast-growing

market. Ayfie strong growth combined with Hiddn will facilitate accelerated

global expansion." says Erik Baklid, CEO of Ayfie Group.

The completion of the proposed transaction is subject to, among other things,

due diligence, final transaction agreements being entered into, approval by the

shareholders of Ayfie and the approval by the Hiddn shareholders at an

extraordinary general meeting. Subject to the completion conditions being

fulfilled, the transaction is expected to close during the second half of 2019.

Hiddn will prepare and publish an information document or a prospectus, as

applicable, as part of the business combination.

The agreement entered into between Hiddn and the owners of Energos Group AS on

16 May 2019 and the process between Hiddn and Tactilis Pte Limited, as

previously announced, are both terminated.

ENDS

For further information, please contact:

Øystein Tvenge, Chairman of Hiddn, telephone: + 47 908 70 000 /e-mail:

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