Techstep ASA — M&A Activity 2022

Feb 14, 2022

Techstep ASA acquires remaining shares in Techstep Finance AS

Techstep ASA acquires remaining shares in Techstep Finance AS

Techstep ASA has today entered and completed an agreement to acquire the

remaining 20% of the shares in Techstep Finance AS from Bridge Capital AS for a

cash purchase price of NOK 9 million. Following the completion, Techstep owns

100% of the shares in Techstep Finance AS.

"We are transforming Techstep's business model from one-off transactional sales

to having full focus on selling our product offering as a recurring revenue

bundle. This in turn means a mutual commitment and enhanced value for our

customers as we focus on delivering high customer value.

Hardware-as-a-service is a key component of Techstep's Managed Mobility Services

-offering, and a contributor to our recurring revenues. Completing this

acquisition is an important step for us in consolidating our business around our

core products, SmartControl, SmartWorks and SmartDevice", said Børge Astrup,

Techstep's CEO.

"I would like to take the opportunity to thank our former joint venture partner,

Bridge Capital, for their contribution in establishing Techstep Finance's

success", Astrup concludes.

For more information, please contact:

Børge Astrup, CEO: +47 928 27 676

This information has been published pursuant to section 5-12 of the Norwegian

Securities Trading Act.