HIDDN: Enters into an LOI for a potential business combination with Ayfie Group

(Oslo, 24 June 2019) Hiddn Solutions ASA (Hiddn, OSE: HIDDN) has entered into a Letter of Intent (LOI) for a potential business combination with Ayfie Group AS, an international provider of Artificial Intelligence enhanced solutions for the legal, legal services, finance and publishing industries 

Hiddn and Ayfie has on 24 June 2019 entered into an LOI for a potential business combination of the two entities. Following the potential transaction, the Ayfie shareholders are expected to hold approximately 85% of Hiddn. The Ayfie technology was launched in late 2017, and Ayfie reports audited revenues in 2018 of NOK 48.9 million and a contracted annual recurring revenue at year end 2018 of NOK 68 million.

Ayfie Group AS is the parent company of the Ayfie Group (Ayfie). Ayfie is an international provider of Artificial Intelligence enhanced solutions based on proprietary linguistics, machine learning, smart search and text analytics for the legal, legal services, finance and publishing industries. Ayfie has operations in Oslo (Norway), Stockholm (Sweden), Munich (Germany), New York City (USA) and Denver (USA) through fully owned subsidiaries.

“The global market for the analysis of large volumes of text through artificial intelligence and machine learning is expanding rapidly. Ayfie’s unique technology gives businesses the ability to leverage insight for process automation. Ayfie’s ambition is to take a leading position in this fast-growing market. Ayfie strong growth combined with Hiddn will facilitate accelerated global expansion.” says Erik Baklid, CEO of Ayfie Group.

The completion of the proposed transaction is subject to, among other things, due diligence, final transaction agreements being entered into, approval by the shareholders of Ayfie and the approval by the Hiddn shareholders at an extraordinary general meeting. Subject to the completion conditions being fulfilled, the transaction is expected to close during the second half of 2019.

Hiddn will prepare and publish an information document or a prospectus, as applicable, as part of the business combination.

The agreement entered into between Hiddn and the owners of Energos Group AS on 16 May 2019 and the process between Hiddn and Tactilis Pte Limited, as previously announced, are both terminated.

ENDS

For further information, please contact:
Øystein Tvenge, Chairman of Hiddn, telephone: + 47 908 70 000 /e-mail: oystein.tvenge@oytv.onmicrosoft.com 

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