- Received voluntary cash offer fromVisma ofNOK 11.20 per share - Annual recurring revenue (ARR) ofNOK 215 million - ARR growth of 26%, of which organic growth for continuing business of 17% - ARR from new customers ofNOK 6.9 million in Q3, with net retention at 100% - Revenue ofNOK 54.5 million in Q3 (+23%), of which 15% organic growth - Q3 EBITDA ofNOK -2.4 million , with adjusted EBITDA ofNOK +12.1 million excluding special items mainly relating to theVisma transaction - Expecting revenue ofNOK 218-222 million and adjusted EBITDA ofNOK 16-20 million for the full year 2022 - Expecting positive Cash EBITDA after capitalized R&D investments from mid-2023 Høvik,27 October 2022 :House of Control Group AS (HOC) reported an annual recurring revenue (ARR) growth of 26% toNOK 215 million , with organic growth of 17%. Revenue increased 23% toNOK 55 million in the third quarter 2022, with organic growth of 15%. Towards the end of the quarterVisma announced a voluntary cash offer ofNOK 11.20 per share for all the shares ofHouse of Control Group AS , which was unanimously recommended by theBoard of House of Control. "We have conducted a thorough strategic process this year, withVisma proving to be the most attractive and preferred buyer. Now I look forward to getting the deal closed and to start a new chapter in the development ofHouse of Control as an operating entity within theVisma Group . Their unique position, experience and expertise makes them an ideal partner for us," says CEOLasse Sten inHouse of Control . Reported EBITDA for the third quarter wasNOK -2.4 million , whereas adjusted EBITDA wasNOK +12.1 million excluding special items mainly reflecting transaction costs and vesting of options triggered by theVisma transaction. "We continue to grow and have reduced our cost base, and our underlying earnings are improving. For the full year we expect revenue ofNOK 218-222 million with an adjusted EBITDA ofNOK 16-20 million ," adds Sten. The company expects positive Cash EBITDA after capitalized R&D investments from mid-2023. The offer period forVisma's recommended voluntary cash offer to acquire all shares inHouse of Control Group AS commenced on 29 September and expires at 16:30 hours (CET) on31 October 2022 . The transaction is contingent on 90% acceptance of the offer and regulatory approval and is expected to be completed during Q4. The enclosed report and presentation of the result have also been made available on https://www.houseofcontrol.com/investor-relations For further information please contact: CFOCarl Fabian Flaaten Cell: +47 90 04 31 84 Email: carlfabian@houseofcontrol.no About theHouse of Control Group House ofControl Group is a tech company that develops software as a service (SaaS) solutions for contract management and IFRS 16 compliance. The CFO and the finance departments of medium-sized and large companies are the main target groups, and the group's software helps them improve financial and operational management. Private and public enterprises use the software to manage contracts and assets, communicate with suppliers, and get a faster overview over their business via dashboards. The CFO toolkit contributes to at least four important tasks: Cut costs, save time, reduce risk, and improve compliance - all key ingredients of a better working finance department.House of Control's strong revenue growth is supported by a unique salesforce, with recurring revenues accounting for approximately 95 per cent of total sales. This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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