24SevenOffice Group AB has secured all relevant technology from Optin Bank ASA

24SevenOffice Group AB has acquired all IPR developed by Optin Bank ASA from the public administrator for 12.5 MNOK. This will secure 24SevenOffice full control over relevant technology for its fintech investments for B2B payments and financing solutions towards our customers and their end-users. 

As a consequence of the public administrator's decision to sell assets, 24SevenOffice´s investment in shares in Optin Bank ASA of approximately 19 MSEK is now lost. 24SevenOffice will, however, do what it can to claim back its loss from the administrative bank estate and responsible members, and former members, of the Board and management. The final loss of the 19 MSEK investment of shares in Optin Bank ASA may be reduced with potential dividends from the administration of the bank as well as future liability claims. 24SevenOffice have no known liabilities or outstanding loans in Optin Bank directly or through our customers that we are liable for.

Optin Bank has for more than 3 years developed an advanced platform for digital payments and online check-out, deferred payments and credit account solutions, where there has been invested around 250 MNOK in the bank since the beginning. The technology is in production with several live customers. Combined with technology from 24SevenOffice Group we will soon be able to deliver alternative solutions like Klarna, Paypal, Fundbox, and payment gateways like Plaid, Tink etc. 

Optin Bank´s technology is enabling 24SevenOffice to offer deferred payment towards our clients´ end customers, payment solutions for our clients invoices and online check-out solution for 24SevenOffice webshop etc. To be able to utilize the technology on the 24SevenOffice platform, we need to sign a partner agreement with a holder of the right licenses and we have already initiated processes with potential partners.

With the current situation in Optin Bank in public administration due to the actions commented in the report from The Financial Supervisory Authority of Norway, in which the Board of directors in Optin Bank prevented 24SevenOffice and its board observer from getting access to the report, we have secured the most important asset in Optin Bank which is the technology. 

Thus this deal has changed our potential loss on Optin Bank ASA to future financial  opportunities based on the technology. This has been achieved without any waiver of our demanded investigation of Optin Bank or claims for liabilities.

 

This disclosure contains information that 24SevenOffice Scandinavia AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 29-06-2021 11:55 CET.

For further information please contact:

Ståle Risa, CEO

Tel: +46 70-023 63 03, str@24sevenoffice.com

24SevenOffice in brief

24SevenOffice's vision is to empower businesses for the future, through delivering world class cloud based business systems. The system is currently used by 62,600 companies in the Nordic region, with PwC, among others, as accounting partner. The business system is module-based, where the modules are provided independently or packaged as complete solutions. For more information see www.24sevenoffice.com