Huddlestock Fintech : Press release on the acquisition of DTech
Huddlestock Fintech AS (OSE: HUDL): Huddlestock enters the pension market through the acquisition of Dtech
Huddlestock Fintech AS (“Huddlestock”) continues to scale its wealth management and trading platform and has signed a sale and purchase agreement to acquire Dtech AS, a Norwegian software company with robust and user-friendly solutions for portfolio management and fund order technology for the pension market and pension providers.
Dtech was established in 2019 and today generates income through a SaaS model for the leading Norwegian challenger in the pension market, Duvi Pensjon.
“Our vision is to democratize the capital markets, and by adding the pension vertical to our offering, we are entering a large new market with strong growth prospects. Huddlestock and Dtech are a very good match, as Dtech can expand its customer offering with Huddlestock technology such as trading, asset management, back-office and settlement services to its customer base in Norway. Furthermore, we see opportunities to expand the pension products together with Huddlestock and Dtech to the rest of the Nordics as well as to the German market,” said John E. Skajem, CEO of Huddlestock.
Duvi Pensjon, the leading challenger in the Norwegian pension market, focuses on SMEs and has 6,000 business customers serving 73,000 individual pension schemes, and manages NOK 4 billion in Asset Under Management.
A perfect match
“Dtech is an innovative and important partner for Duvi Pensjon, as we build our position as an innovative and credible challenger in the corporate pension market. We see Huddlestock, with its position as a technology-driven challenger in wealth technology, as a perfect match. for both Dtech and Duvi”, said Asbjørn Erdal, managing director of Duvi Pensjon
The acquisition of Dtech is a total transaction. The purchase price shall be settled by the Buyer with 828,706 shares in the Buyer, using a price per Consideration share equal to a volume-weighted average price in the last 10 trading days before signing this Agreement, which is NOK 2.4134 per share. share. There is an additional earn-out potential of NOK 4 million which is paid in Remuneration shares if an additional NOK 10 million has been achieved in periodic income within this sector in the next two years.
The management team of Dtech, Leif Arnold Thomas (CEO) and Daniel Risberg (CPO) will remain with the company after the acquisition and will join Huddlestock in senior management roles.
“The team has more than 60 years of combined fintech experience in organizations such as Oslo Børs VPS/Euronext and Centevo, and I am pleased that they will remain with the company as drivers of development within this new vertical for Huddlestock,” said John E. Skajem , CEO of Huddlestock.
“We look forward to joining Huddlestock as we share the same ambitions for the fintech industry and believe that Dtech’s ability to scale will improve significantly when included in the Huddlestock system,” said Leif Arnold Thomas, CEO of Dtech .
2022 was the first year of regular operation for Dtech. Dtech has developed a specialized SaaS technology that has proven to support the pension industry. The company has experienced strong growth over the past 12 months and is expected to continue to deliver impressive recurring revenue. As part of Huddlestock, revenue growth is expected to be significant in the coming years, driven by new customers and additional services already available from Huddlestock.
Disclosure regulations
This information is mandatory according to § 5-12 of the Norwegian Securities Trading Act.
Contact 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 expert, professional investor services and consultancy. We deliver innovative and sustainable technology solutions and professional services 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
