Addnode Group AB Acquires Joint Collaboration AS

Addnode Group AB announced that on July 1, 2013 the Company signed an agreement to acquire all outstanding shares in Joint Collaboration AS (Joint) from Joint’s existing shareholders (the Transaction). The Transaction will be paid at closing by a payment of NOK 56 million in cash and such number of Series B shares of Addnode Group which represents a value of NOK 39 million. The final cash payment is subject to an adjustment based on the actual net cash position, and the actual level of working capital, in Joint at closing. A maximum conditional purchase price of NOK 95 million in cash is payable if certain targets related to Joint’s EBITDA during the period 2013-2015 are achieved. In summary, the maximum acquisition cost is NOK 190 million on a cash and debt free basis. The initial cash payment of NOK 56 million will be financed through a new three year credit facility. The Transaction is conditional upon approval from the competition authority in Norway, and the change of ownership is intended to take place on August 30, 2013. Joint is a supplier of SaaS (Software as a Service) rental solutions for primarily the Oil and Gas as well as the Construction industry.