ECIT AS

M&A Activity • Mar 31, 2022

Fornebu, March 31, 2022

XACCT Accounting AS becomes part of ECIT

Company announcement No. 67

ECIT is pleased to announce that the Norwegian accounting company, XACCT Accounting AS (XACCT), has become a part of ECIT. The acquisition adds to ECIT's strong position within Accounting and Payroll.

ECIT is acquiring 100% of the shares in XACCT, while management reinvests 18 %. The acquisition has been settled in cash.

"We are pleased to welcome XACCT into the ECIT family. Originally a spin off from KPMG, XACCT delivers high quality Accounting and Payroll services based on a strong technology fundament. XACCT strengthens ECIT's position to serve medium to larger customers with a highly qualified offering" says Peter Lauring, CEO in ECIT.

The combination of XACCT and Norian (acquired by ECIT in 2021) will form one of the largest X-ledger partners in Norway.

About XACCT Accounting AS

XACCT has a 2021 revenue of 49.8 MNOK and appr. 40 employees who serve a large portfolio of national and international customers. XACCT serves customer subsidiaries in 23 countries.

XACCT provides Accounting and Payroll services based on Xledger ERP, Microsoft ERP and other cloud-based ERP solutions. XACCT offers a portfolio of high-end solutions to a wide range of customers within technology, banking, finance, insurance and retail, including national companies and international subsidiaries. Read more at: www.xacct.no

About ECIT

ECIT was founded in 2013 and supports a large customer base with Accounting, Payroll and a broad range of IT services and solutions. ECIT has a well-proven model for acquisition and integration, ensuring proximity to customers and local entrepreneurship combined with the strength of being a larger international group. ECIT has a proforma revenue (2021) of 2.55 billion NOK and +2,200 employees across 10 countries. M&A has been a driver of the Company's growth and ECIT has completed more than 125 acquisitions since 2013. Read more at www.ecit.com

ECIT AS

Company registration number: 912 040 801 Rolfsbuktveien 4A, 1364 Fornebu, Norway +47 22 72 14 14 www.ecit.com investor@ecit.com