Huddlestock Fintech

M&A Activity • Apr 14, 2025

Huddlestock's Nordic Investment-as-a-Service platform acquired by Done.ai enabling focused efforts on Huddlestock's European expansion

Huddlestock's Nordic Investment-as-a-Service platform acquired by Done.ai enabling focused efforts on Huddlestock's European expansion

14.4.2025 08:00:33 CEST | Huddlestock Fintech AS | Inside information

Huddlestock Fintech AS ("Huddlestock" or the "Company"), listed on Euronext

Growth Oslo and Done.ai - http://done.ai Group AB ("Done.ai - http://done.ai",

formerly 24SevenOffice Group AB), listed on Nasdaq First North Growth Market,

have today entered into an agreement whereby Done.ai - http://done.ai will

acquire Huddlestock's Nordic Investment-as-a-Service ("IaaS") platform through

the purchase of 100 per cent of the shares in Huddlestock's wholly owned

subsidiaries Huddlestock Investor Services AS ("HIS"), Huddlestock AB and

Huddlestock Technologies AB, with the total consideration consisting of a mix of

cash and shares (the"Transaction").

The purchase price is approximately NOK 81 million (incl preliminary

adjustments), based on an agreed enterprise value of NOK 70 million, adjusted

for net cash. NOK 10 million will be settled in cash at closing, while NOK 71

million will eventually be paid in newly issued shares of Done ai, of which 20

per cent will be distributed to Huddlestock's shareholders. The Transaction is

subject to certain customary closing conditions and is expected to be completed

by 23 April 2025 with distribution of shares anticipated 15 August 2025.

"After our recent European expansion, we are extremely pleased to execute on the

second milestone of Huddlestock's three-pillar strategy where we unlock the full

growth potential of our Nordic IaaS platform with access to a broader customer

base. We reduce our cash burn, retain exposure to future value creation, and

enable focused efforts on our European expansion," says Leif Arnold Thomas, CEO

of Huddlestock.

Unlocking growth potential in Nordic IaaS platform with retained exposure

Following completion of the Transaction, Huddlestock's Nordic IaaS platform will

become an integral part of Done.ai - http://done.ai's AI-native fintech

platform. Done.ai - http://done.ai is building a fully integrated business and

financial services ecosystem targeted towards ERP systems, offering solutions

such as deferred payments, credit facilities, spend management, investments, and

open banking, alongside core operational tools like CRM and MRP. Backed by a

strong balance sheet, Done.ai - http://done.ai will pursue further strategic

acquisitions to accelerate scale and innovation.

The Transaction unlocks the full growth potential of Huddlestock's IaaS platform

by enabling growth capital, expanded distribution channels, a broader client

base, and integration into a scalable, proprietary fintech ecosystem.

Huddlestock will have exposure to Done.ai - http://done.ai's success through a

retained equity stake, benefiting from future growth, strategic expansion, and

value creation. Existing IaaS customers will experience no disruption in service

and will benefit from an expanded product offering and enhanced platform

capabilities.

Thomas continues: "The Nordic IaaS technology was consolidated through M&A

across the Nordics in 2023. In 2024 we integrated the acquired technology and

organizations. Now we will unlock the full potential of the platform under the

leadership of Done.ai - http://done.ai. With a retained equity stake, we will

continue to focus our strategy on expanding into continental Europe."

Strong position to execute on large and growing European opportunity

Upon completion of the Transaction, Huddlestock will have a lower cash burn and

a lean and focused organization with extensive track record within the financial

services industry. Huddlestock will continue its strategy for growth through on

portfolio optimization, resource efficiency, and long-term value creation across

the European focused Huddlestock GmbH and its Consulting division Visigon, while

exposed to future value creation in Done.ai - http://done.ai.

Huddlestock GmbH's scalable investment infrastructure and orchestration platform

enables businesses to implement securities and trading solutions quickly and

efficiently. Through its securities license, liability umbrella and integrated

partner ecosystem, Huddlestock offers adaptable solutions tailored to clients'

specific needs. Building on its recent accelerated entry into the German market,

Huddlestock GmbH supports both the new wave of investment platforms emerging

across Europe and established firms that face challenges with outdated IT

systems and infrastructure. Its securities license supports offerings in any

European Economic Area (EEA) member state, while its ecosystem of trusted

partners ensures clients can connect with the most suitable local providers to

serve their target markets.

Visigon is a profitable full-service consultancy bridging the gap between

finance and technology in the evolving landscape of capital markets and

treasury. Visigon partners with the world's leading financial software vendors

and top-tier financial institutions to transform financial operations. The

company has recently launched its revised strategy to offer full-service

solutions that will enable an increased share of recurring revenues.

Transaction highlights

* The transaction will be executed through Done.ai - http://done.ai acquiring

100% of the shares in Huddlestock Investor Services AS, Huddlestock AB, and

Huddlestock Technologies AB, thereby obtaining full ownership of the

technology and operational capacity within Huddlestock's IaaS platform.

* The purchase price is approximately NOK 81 million (incl preliminary

adjustments).

* The purchase price is based on an agreed enterprise value of NOK 70 million.

* NOK 10 million will be settled in cash at closing.

* NOK 56 million will be issued as a seller's credit upon Closing being

convertible into shares in Done.ai - http://done.ai by August 15, 2025. Upon

transfer of HIS, being subject to approval from the Norwegian Financial

Authorities (Finanstilsynet), the seller´s credit will be increased to NOK 71

million.

* The conversion price will be in accordance with identified subscription price

in potential share issue in Done.ai - http://done.ai prior to 15 august 2025.

If a relevant share issue has not occurred within said date Huddlestock can

decide to convert based on VWAP price of the Done.ai - http://done.ai share

whereby Done.ai - http://done.ai can decide to redeem the Vendor Note in

cash.

* 20% of the settlement shares will be distributed to Huddlestock's

shareholders.

* A six-month lock-up will apply to the remaining amount of the settlement

shares, effective from the conversion into settlement shares, subject to

customary exemptions.

"This acquisition is a cornerstone in our strategy to build a fully integrated,

AI-powered fintech and business platform. With exclusive distribution rights to

tens of thousands of ERP users and deep integration of Huddlestock's Nordic IaaS

infrastructure, we're uniquely positioned to deliver embedded financial services

at scale. This allows us to automate liquidity, credit, and investment flows in

real time, creating significant value for our customers and accelerating our

growth across the Nordic market and beyond," said Staffan Herbst, CEO of Done.ai

- http://done.ai.

Invitation to investor call

The Transaction and recent developments in Huddlestock, with reference to the

stock exchange on 24 March 2025 regarding Huddlestock's German expansion and

entry into continental Europe, will be presented in closer detail by Leif Arnold

Thomas, CEO, and Øyvind Hovland, Chairman of the Board, in a live webcast

presentation for investors and other stakeholders at 12:00 (CEST) Monday 14

April 2025. To participate, please register in advance using the following link:

https://events.teams.microsoft.com/event/325f66fb-3507-41c6-95b4-8606f413fbab@c1

a5a59d-592c-49a2-ada8-beedc552d1f5

About Done.ai - http://done.ai

Done.ai - http://done.ai has entered a new chapter marking its transformation

from a traditional ERP vendor into a one-stop shop for modern businesses,

offering an integrated suite of AI-powered tools that span the full operational

workflow. With a modular, API-first architecture, businesses can manage their

entire value chain, from first customer touchpoint to back-end accounting, fully

integrated in one automated, end-to-end platform.

Through the integration of embedded financial services such as automated

treasury management, payment solutions, spend management, and open banking,

Done.ai - http://done.ai aims to redefine how businesses manage liquidity and

financial operations. These services will initially be launched through an

exclusive three-year distribution agreement to 24SevenOffice's extensive

customer base, ensuring rapid rollout and adoption.

Combining deep technological expertise, strategic partnerships, and AI-driven

automation, Done.ai - http://done.ai delivers real-time financial control,

operational efficiency, and unmatched scalability, positioning the company as a

leading AI-native fintech platform for the business sector.

Done.ai - http://done.ai is headquartered in Sweden and listed on Nasdaq First

North Growth Market under the ticker 247. The ticker is expected to change to

"DONE"

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

CONTACTS

* Leif Arnold Thomas, Chief Executive Officer, Huddlestock Fintech AS, +47 982

15 520, leif.thomas@huddlestock.com

ABOUT HUDDLESTOCK FINTECH AS

Huddlestock is an innovative technology software provider through its

Investment-as-a-service offering, with full operational service support and a

leading financial Consultancy services business. We deliver innovative and

sustainable technology and operational solutions to companies offering financial

products and services.

Find out more at huddlestock.com - https://www.huddlestock.com/

ATTACHMENTS

Download announcement as PDF.pdf -

https://kommunikasjon.ntb.no/ir-files/17848032/18496054/5937/Download%20announce

ment%20as%20PDF.pdf