Arribatec company to acquire consultancy firm for NOK 75 million

A subsidiary of Arribatec Solutions (ARR) has signed an LOI to acquire the consultancy firm Qualisoft AS for NOK 75 million, it was announced on Wednesday 2 December.

The transaction consideration is NOK 45 million in cash and NOK 30 million in ARR shares at NOK 2 per share.

Qualisoft has more than 100 leading oil & gas, health and finance sector companies as customers, in addition to public sector customers. The company has 40 employees and is expecting revenues of about NOK 67 million in 2020, with an EBITDA of NOK 11 million.

The combined company is anticipating annual proforma run-rate revenues of NOK 420 million as at yearend 2020, 33 percent of which are revenues from international operations and 35 percent of which are annual recurring revenues, as well as a positive EBITDA, according to the announcement. The investor Øystein Stray Spetalen is the main shareholder of Arribatec, which was formerly named Hiddn Solutions.

Source: E24