- Received voluntary cash offer from Visma of NOK 11.20 per share
- Annual recurring revenue (ARR) of NOK 215 million
- ARR growth of 26%, of which organic growth for continuing business of 17%
- ARR from new customers of NOK 6.9 million in Q3, with net retention at 100%
- Revenue of NOK 54.5 million in Q3 (+23%), of which 15% organic growth
- Q3 EBITDA of NOK -2.4 million, with adjusted EBITDA of NOK +12.1 million
excluding special items mainly relating to the Visma transaction
- Expecting revenue of NOK 218-222 million and adjusted EBITDA of NOK 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% to NOK 215 million, with organic growth of
17%. Revenue increased 23% to NOK 55 million in the third quarter 2022, with
organic growth of 15%.

Towards the end of the quarter Visma announced a voluntary cash offer of NOK
11.20 per share for all the shares of House of Control Group AS, which was
unanimously recommended by the Board of House of Control.

"We have conducted a thorough strategic process this year, with Visma 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 of House of Control as
an operating entity within the Visma Group. Their unique position, experience
and expertise makes them an ideal partner for us," says CEO Lasse Sten in House
of Control.

Reported EBITDA for the third quarter was NOK -2.4 million, whereas adjusted
EBITDA was NOK +12.1 million excluding special items mainly reflecting
transaction costs and vesting of options triggered by the Visma transaction.

"We continue to grow and have reduced our cost base, and our underlying earnings
are improving. For the full year we expect revenue of NOK 218-222 million with
an adjusted EBITDA of NOK 16-20 million," adds Sten. The company expects
positive Cash EBITDA after capitalized R&D investments from mid-2023.

The offer period for Visma's recommended voluntary cash offer to acquire all
shares in House of Control Group AS commenced on 29 September and expires at
16:30 hours (CET) on 31 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:
CFO Carl Fabian Flaaten
Cell: +47 90 04 31 84
Email: carlfabian@houseofcontrol.no

About the House of Control Group
House of Control 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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