Hiddn : ARRIBATEC TO ACQUIRE MAKSIT AS

OSE notification
ARRIBATEC TO ACQUIRE MAKSIT AS
HIGHLIGHTS 

o A subsidiary of Arribatec Solutions ASA (Arribatec) has signed a Letter of
Intent (LOI) to acquire Maksit AS (Maksit), a provider of HR and payroll
services to 50 large Norwegian Companies.

o Arribatec and Maksit will expand the joint international Solution as a Service
(SolaaS) offering, including HR and payroll solutions. Maksit expects revenues
of approximately NOK 19 million and positive EBITDA of NOK 6 million in 2020. 

o The total acquisition cost is expected to be NOK 31 million in cash and
Arribatec shares, in addition to 3.2 million options at NOK 2.25 pr share. 

(Oslo, Norway, 17 December 2020) Arribatec Solutions ASA (OSE: ARR) today
announces the potential acquisition of Maksit, a specialist in Unit4 based HR
and payroll solutions with a strong position in the Norwegian enterprise market.
Arribatec and Maksit will grow and expand the joint offering as part of the
strategy of creating a leading international SolaaS company through organic
growth and accretive acquisitions.

"We´re pleased to welcome Maksit to the Arribatec team, bringing their strong HR
and payroll offering to Arribatec's platform and international capabilities. The
potential acquisition will strengthen our joint offering and we see a great
potential in our strategy of delivering Solution as a Service to our rapidly
growing base of Norwegian and international customers," says Per Ronny Stav,
Chief Executive Officer of Arribatec. 

Arribatec has entered into a LOI to acquire Maksit with offices in Oslo and
Trondheim for a total transaction cost of NOK 31 million, which will be settled
with NOK 20 million in cash and 11 million in shares in Arribatec at NOK 2,20,
in addition to 3.2 million options within 4 years at NOK 2.25 pr share. Maksit
serves HR and payroll services based on Unit4 ERP to 50 large Norwegian
companies. The company expects revenues of approximately NOK 19 million in 2020
with an EBITDA of NOK 6 million. 

"Maksit brings a highly experienced team of HR and payroll consultants and
complement our current organization. By combining our capabilities, Arribatec
and Maksit will grow and expand SolaaS to include HR and payroll solutions
globally and transform into a business model based on recurring revenues. We
look forward to the potential business combination, which ticks another box in
our strategy of developing a fast-growing global SolaaS company through organic
growth and accretive acquisitions," Stav concludes.

Arribatec and Maksit combined (including all recently announced Arribatec
acquisitions) expect proforma annual run rate revenues at the end of 2020 in the
range of NOK 440 million, whereof 32% revenue from international operations, and
a positive EBITDA. 35% of the revenues are classified as annual recurring
revenues, ARR.

ENDS

For additional information, please contact: 
Per Ronny Stav, CEO, Arribatec Solutions ASA: [phone]
Martin Nes, Chairman of the Board, Arribatec Solutions ASA: [phone] 

About Arribatec | www.arribatec.com 
Arribatec is a software and consulting company headquartered in Oslo. With a
customer centric engagement model, combined with a deep system, integration, and
domain competence, Arribatec builds long term strategic partnership with a broad
customer base. Arribatec serves more than 450 large entities spread over 25
countries and various industries, both in the private and public sector. The
company employs over 300 people, taken announced acquisitions into account, with
offices in 11 countries and is listed on the Oslo Stock Exchange under the
ticker code ARR.

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