Reference is made to the stock exchange announcement of the
“We are delighted to welcome the F5 IT team to the Huddlestock family. The inclusion of 15 full-stack developers and specialists will significantly enhance our client offering, accelerate our onshore strategy and deliver on our ambition to become a leading European fintech. Our initial estimates indicate that the synergies from the acquisition of F5 IT are strong and deliver on our strategy of creating shareholder value through mergers and acquisitions,” said
The addition of F5 IT will strengthen Huddlestock’s Fintech expertise, issuance and trading capabilities, adding more technology knowledge to our existing team of world-class capital markets experts. Upon completion of the transaction, Huddlestock will be able to deliver on two of our strategic ambitions: to expand our expert advisory practice across the Nordics with the creation of a
“Our team at F5 IT is delighted to join Huddlestock, Norway’s first listed Fintech,” said Stian Røisland, President of F5 IT. “The strategic fit between our two companies is strong and we see excellent growth opportunities through the creation of a global platform from which to serve our customers.
F5 IT is expected to generate revenue of
It has been agreed that Huddlestock will pay
It was agreed that an incentive program with strict performance targets would be put in place before the final closing. The scheme affects all F5 IT employees and could trigger further payments over the agreed three-year period during which the specific incentive scheme is valid. The total amount of Huddlestock Fintech shares that can be paid out under the incentive program is 4,000,000. collectively must be achieved. These vesting criteria will be based on audited accounts for the 2022, 2023 and 2024 financial years, and the transfer of the shares acquired will be made in arrears over the next three years.
The acquisition of F5 IT is Huddlestock Fintech’s second major acquisition in the last 12 months.
About Huddlestock Fintech:Huddlestock Fintech is an innovative technology software provider with a leading expert professional services firm. We provide innovative and sustainable technology solutions to the capital markets, treasury and wealth management industries. For more information, visit www.huddlestock.com
About F5 IT:F5 IT offers custom application development and integrations to digitize entire organizations. It is based in Stavanger with 20 employees and 15 technology developers based between Stavanger on the
This information is subject to the disclosure requirements in accordance with Section 5-12 of the Norwegian Securities Act.
Cecile LurasStrategy & Investor Relations Director, +47 951 45 382, [email protected] John E. SkajemCEO, +47 418 87 412, [email protected]
About Huddlestock Fintech AS
Huddlestock Fintech provides innovative technology solutions to the capital markets, treasury and wealth management industries.
Through its technology offering, Huddlestock delivers innovative, compliant, data-centric WealthTech SaaS, accelerating digital transformation and hyper-personalization and on-demand banking trends in the wealth management industry. Huddlestock’s SaaS enables the integration of efficient, low-cost white label trading and investing services, which underpins Huddlestock’s mission to provide financial inclusion by democratizing access to capital markets.
Through its world-class expert professional services business, Huddlestock provides mission-critical technology solutions and process automation for the financial services industry. This suite of services has established Huddlestock as the preferred provider of financial advisory services and technology solutions in the Nordic region.
For more information, visit www.huddlestock.com
- Download the announcement in PDF format.pdf
© NTB Norway, source