Huddlestock Fintech AS (OSE: HUDL)
Huddlestock Fintech AS (“Huddlestock”) has received ownership approval for the acquisition of Trac Services AS from the Financial Supervisory Authority (“FSA”) and will move quickly to close the transaction and start the group collaboration.
With reference to the press release of 12 May 2022 where Huddlestock announced the purchase of 100% of the issued shares in Trac Services AS and Tracs Technology AS. The implementation of the transaction has been subject to approval from the Norwegian Financial Supervisory Authority due to the change in ownership in Trac Services AS. Following such approval received from the FSA on 27 February 2023, the transaction will now be completed within a short time. Such closure will be carried out as a share exchange after which the sellers of Trac Services AS and Tracs Technology AS will become owners of 12,732,819 shares (“Initial Shares”) in Huddlestock to be issued by the board of Huddlestock based on a registered power of attorney and will in addition be entitled to up to 4,375,539 bonus shares based on financial results during 2023. Huddlestock will issue a separate press release when the first shares have been issued.
Huddlestock is very excited to now be able to close the Tracs transactions and begin integrating the organizations into the Huddlestock group. The acquisition gives Huddlestock the necessary license upgrade that has been targeted and the inclusion of first-class operational services that its professional staff diligently provides to all of its clients every day. In addition, Huddlestock gets a package of complementary wealth management products, and will see an increase in annual recurring income by an estimated NOK 14.1 million per year. Trac Services will shortly change its name to Huddlestock Investor Services AS, while Tracs Technology AS will be merged into Huddlestock Technologies.
“Trac Services has over 18 years of experience from the financial industry, and currently has 12,000 end customers and approx. NOK 4 billion in assets under management. Together with Trac’s regulatory broker licence, we see strongly
synergies between Huddlestock and Trac Services. Together we will be one of the largest B2B Fintech providers in Europe with a complete suite of end-to-end solutions for the growing demand for Brokerage-as-a-Service. By partnering with the rest of the Huddlestock group, we can see a significant increase in clients being served by our experienced and professional team at Trac Services. In addition, we expect to see new customers come on board and that our revenues and margins will continue to develop positively. We are now ready to welcome new partners and customers in the Nordics as well as continental Europe, says John E. Skajem, CEO of Huddlestock Fintech AS
DISCLOSURE REGULATION
This information is mandatory according to § 5-12 of the Norwegian Securities Trading Act. The stock exchange announcement was published by the contact person on the date and time stated above.
To view all press and investor releases, please take a look in the investor relations section of our corporate website www.huddlestock.com/investor-relations
Disclosure regulations
This information is mandatory according to § 5-12 of the Norwegian Securities Trading Act.
Contacts
- John E. Skajem, CEO, +47 418 87 412, [email protected]
About Huddlestock Fintech AS
Huddlestock Fintech is an innovative technology software provider with a leading expertise in professional services. We deliver innovative and sustainable technology solutions to the capital markets, finance and asset management industry.
Through its technology offering, Huddlestock offers an innovative, compliant and data-centric WealthTech SaaS, which accelerates the digital transformation and trends of hyper-personalization and on-demand banking within the wealth management industry. Huddlestock’s SaaS powers the integration of affordable, efficient white-label trading and investment services, underpinning Huddlestock’s mission to deliver financial inclusion by democratizing access to capital markets.
Through its world-class professional services business, Huddlestock delivers strategic technology solutions and process automation for the financial services industry. This range of services has driven Huddlestock to become the preferred provider of financial consulting services and technology solutions in the Nordics. Huddlestock Fintech AS was listed on the Euronext Growth Market on 26 November 2020, as Norway’s first fintech company to be listed on the stock exchange.
For more information, please visit www.huddlestock.com
Attachments
- Download the announcement as PDF.pdf
- HSF IR Tracs approval Press 20230228.pdf
© NTB Norge, source NTB English Regulatory Releases
