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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
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:
Microsoft Virtual Events Powered by Teams
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
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
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