Inin Group AS — M&A Activity 2021

Jan 18, 2021

Elop AS – Acquisition of Simplifai AS completed

Elop AS – Acquisition of Simplifai AS completed

Reference is made to the stock exchange notice by Elop AS on 21 December 2020 regarding the share purchase agreement entered into by Elop to acquire 100 percent of the shares in the Norwegian artificial intelligence company Simplifai AS.

The Company is pleased to announce that the acquisition has successfully been completed. Through partnering with Simplifai AS, Elop obtains technological and commercial capabilities that will enable Elop to move faster towards a commercially viable data driven, cloud-based software as a service business model for monitoring and optimised maintenance of critical infrastructure.

Pareto Securities AS acted as financial advisor and Wikborg Rein Advokatfirma AS acted as legal advisor to Elop in connection with the acquisition.

For further information, please contact:

Media

Kjersti Kanne, CEO of ELOP AS, tel: +47 480 31 075

Investors

Øivind Horpestad, chairman of ELOP AS, tel: +47 910 00 626

Torbjørn Blom-Hagen, CFO of ELOP AS, tel: +47 926 48 847

About ELOP

ELOP AS is a Norwegian technology company. ELOP has developed and patented an ultrasound technology for inspection and analysis of critical infrastructure. The company develops and commercialise tools and digital solutions to inspect, monitor and manage infrastructure worldwide. ELOP’s vision is to provide asset owners with smart solutions that improve safety, extend asset lifetime, minimise total lifecycle cost and environmental footprint. ELOP is located in Oslo and in Hamar, Norway.