Huddlestock Fintech

M&A Activity • Feb 28, 2023

Huddlestock Fintech AS (OSE: HUDL): Huddlestock receives ownership approval for the acquisition of Trac Services AS

Huddlestock Fintech AS (OSE: HUDL): Huddlestock receives ownership approval for the acquisition of Trac Services AS

28.2.2023 08:54:21 CET | Huddlestock Fintech AS | Additional regulated

information required to be disclosed under the laws of a member state

Huddlestock Fintech AS ("Huddlestock") has received ownership approval for the

acquisition of Trac Services AS from the Norwegian Financial Surveillance

Authorities ("FSA") and will move swiftly to close the transaction and start the

group collaboration.

With reference made to the press release of 12th May 2022 in which Huddlestock

made public the purchase of 100% of the issued shares of Trac Services AS and

Tracs Technology AS. The closing of the transaction has been subject to approval

from the Financial Surveillance Authorities due to the change in ownership in

Trac Services AS. Following such approval received from FSA on 27th February

2023, the transaction will now within a short period be completed. Such closing

will be carried out as a share exchange following which the sellers of Trac

Services AS and Tracs Technology AS will become owners of 12,732,819 shares ("

Initial Shares") of Huddlestock to be issued by the Board of Huddlestock based

on a registered proxy and will in addition be entitled to up to 4,375,539 bonus

shares based on the financial performance during 2023. Huddlestock will issue a

separate press release when the Initial Shares have been issued.

Huddlestock is really excited about now being able to close the Tracs

transactions and start integrating the organisations into the Huddlestock Group.

The acquisition gives Huddlestock the necessary license upgrade that have been

targeted and inclusion of the first-class operational services which the

professional staff is diligently providing to all their clients every day. In

addition, Huddlestock gets a suite of complementary wealth management products,

and will see an increase in the annual recurring revenues with an estimated NOK

14.1 million per year. Trac Services will shortly change name to Huddlestock

Investor Services AS, while Tracs Technology AS will be merged into Huddlestock

Technologies.

"Trac Services brings over 18 years of experience from the financial industry,

and currently have 12.000 end clients and approximately NOK 4 billion in assets

under management. Together with Trac´s regulatory brokerage license, we see

strong

synergies between Huddlestock and Trac Services. Combined we will be one of the

largest B2B Fintech providers in Europe with a full suite of end-to-end

solutions for the growing demand for Brokerage-as-a-Service. Collaborating with

the rest of the Huddlestock Group, we can see a significant increase of

customers being serviced by our experienced and professional team in Trac

Services. Furthermore, do we expect to see new clients to come on board and that

our revenues and margins will continue to develop positively. We are now ready

to welcome new partners and clients in the Nordics as well as continental

Europe," says John E. Skajem, CEO of Huddlestock Fintech AS

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act. The stock exchange announcement

was published by the contact person, at the date and time as set out above.

To see all press and investor releases please have a look in the investor

relations section of our corporate website

www.huddlestock.com/investor-relations -

http://www.huddlestock.com/investor-relations

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

CONTACTS

* John E. Skajem, CEO, +47 418 87 412, jes@huddlestock.com

ABOUT HUDDLESTOCK FINTECH AS

Huddlestock Fintech is an innovative technology software provider with a leading

expert professional services business. We deliver innovative and sustainable

technology solutions to the capital markets, treasury and wealth management

industries.

Through its technology offering, Huddlestock offers an innovative, compliant,

and data-centric WealthTech SaaS, accelerating the digital transformation, and

trends of hyper-personalization and on-demand banking within the wealth

management industry. Huddlestock's SaaS empowers the embedding of low-cost,

efficient white-label trading and investment services, underpinning

Huddlestock's mission of delivering financial inclusion by democratizing access

to capital markets.

Through its world-class expert professional services business, Huddlestock

delivers strategic technology solutions and process automation for the financial

services industry. This range of services has propelled Huddlestock into

becoming the preferred supplier of financial consultancy services and technology

solutions in the Nordic region. Huddlestock Fintech AS was listed on Euronext

Growth Market 26th November 2020, as Norway's first fintech company to be

publicly traded.

For more information, please visit www.huddlestock.com -

http://www.huddlestock.com/

ATTACHMENTS

Download announcement as PDF.pdf -

https://kommunikasjon.ntb.no/ir-files/17848032/2141/2885/Download%20announcement

%20as%20PDF.pdf

HSF IR Tracs approval Presse 20230228.pdf -

https://kommunikasjon.ntb.no/ir-files/17848032/2141/2884/HSF%20IR%20Tracs%20appr

oval%20Presse%2020230228.pdf