Carasent

Investor Presentation • Dec 16, 2021

Company Presentation - Carasent acquires Medrave

December 2021

Disclaimer

Certain statements made in this Presentation may include forward-looking statements. These statements relate to the Company's expectations, beliefs, intentions or strategies regarding the future. The forward-looking statements reflect the Company's current views and assumptions with respect to future events and are subject to risks and uncertainties.

All though the Company believes that its expectations and the Presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Presentation.

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Agenda

Long term vision and how Medrave fits into our overall strategy

Acquisition of Medrave

Carasent at a glance

• Cloud-based proprietary medical record software solution for the private healthcare segment
• Broad ecosystem of integrated third party services
• Three acquisitions completed during the last twelve months, including Avans Soma in December 2020, Metodika in May 2021 and Medrave in December 2021
• Significant opportunity to expand organically and through M&A:
  • New products and services
  • New geographies
  • New segments NOK 117m

Executing on strategic growth plan

Add-on product integrated with Carasent EMR systems – cross sale potential

Carasent's path to growth

• Apparent need for digitalization in the healthcare sector to drive efficiency and allow more time for clinical personnel to handle patients
• Clear expansion opportunities across geographic presence and healthcare verticals
• Proven track record and capabilities
• Fragmented market with many small niche players
• Carasent leading the consolidation
• Established model for creating and extracting synergies
• Cross sale potential enabled through platform solution
• Accelerate growth of acquired companies

Consistent track-record of growth

Medrave – Scandinavian leader in quality improvement and business intelligence tools for healthcare practices

Easily exportable reports with up-todate data in addition to automatic

reporting features

• Number one healthcare software provider for clinical performance analysis to the primary care and secondary outpatient care markets in Sweden and Norway
• Established by Per Stenström and Svein Gjelstad in 2007 with HQ in Stockholm and a satellite
• Module based software solution providing clinical reports on quality improvement to GPs, physiotherapists, child care, urgent care, youth care, mental health and habilative care
• The quality improvement solution automatically collects and sorts data, analyze and visualize, tracks and benchmarks KPIs, and provides automatic reporting
• Seamless and tailored integration with mainstream EMR system vendors
• Consistent historical organic growth of 15% revenue CAGR from 2017-2020

Tier 1 customer base providing strong synergistic opportunities

• Diversified customer base of 260 loyal customers with 1,646 practices, ~60% of which are publicly funded and operated by regions or municipalities
• Strong inherent customer stickiness, limited cyclicality and a low revenue churn of less than 1% from 2018 to July 2021
• 16 out of 21 health regions in Sweden signed up as customers in addition to leading private healthcare providers including Capio, Praktikertjänst and Carlanderska

Transaction highlights

Transaction highlights	Carasent has acquired 100% of the shares in Medrave Software AB, including its fully-owned Norwegian ▪ subsidiary Medrave Software AS (together "Medrave") Medrave is a Scandinavian leader in quality improvement software for healthcare practices ▪ ▪ Current LTM contribution per October 2021 of approximately SEK 23 million and SEK 6 million in revenue and EBITDA, respectively, with 99% recurring revenues and an annually recurring revenue ("ARR") of approx. SEK 22 million Delivered consistent historical organic growth of ~15% revenue CAGR from 2017-2020 ▪ Ability for Carasent to accelerate growth through up-sell, cross-sell and shared go-to-market initiatives as ▪ well as technical synergies Key employees will reinvest 18% of the Purchase Price and undertake a 15-month lock-up agreement on ▪ shares from their reinvestment
Financing	▪ The purchase price will be SEK 134 million, corresponding to an enterprise value of SEK 125 million upon Medrave's net cash position of SEK 9 million (the "Purchase Price") ▪ 82% of the Purchase Price in cash upon closing, ▪ 18% of the Purchase Price as shares in Carasent as reinvestment by key employees, valued at a price of NOK 37.4 per share, corresponding to the 30-day VWAP at 13 December 2021 (the "Reinvestment") Acquisition price reflect EV/Sales multiple of 5.4x on LTM Oct-21 basis ▪
Timeline	The transaction was signed 15 December 2021 and completion of the acquisition is subject to customary ▪ closing conditions and is expected to close during January 2022

Good strategic fit for Carasent

Continue to execute on our growth plan

Executing on continued attractive growth path