NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR
INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES DIRECTLY OR
INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OR ANY OTHER
JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE
SECURITIES DESCRIBED HEREIN.


(Oslo, 4 September 2020) Hiddn Solutions ASA (“Hiddn” or the “Company”, ticker
“HIDDN”) has entered into a share exchange agreement (the “Agreement”) with
Arribatec AS (“Arribatec”) and the majority of its A-shareholders to acquire all
of the shares in Arribatec for a total consideration of approximately NOK 340
million on an equity basis, representing NOK 100 per share in Arribatec (the
“Transaction”). The Transaction will be settled by issuance pf new shares in
Hiddn, each valued at NOK 0.94 per share.

HIGHLIGHTS

•	Hiddn has entered into an agreement to acquire Arribatec, a fast-growing
global software and consultancy company headquartered in Norway, for NOK 340
million
•	Shareholders in Hiddn will receive NOK 50 million in dividend (the "Dividend")
prior to the closing of the Arribatec acquisition, corresponding to NOK 0.56 per
share
•	Following the dividend payment and completion of the transaction, the
Arribatec shareholders (including subscribers in the Arribatec private
placement) will on a 100% basis in total receive 359,635,028 new shares in
Hiddn, each share valued at NOK 0.94 
•	Arribatec has completed a private placement of 846,704 new shares to certain
of Hiddn's shareholders 
•	Shareholders in Hiddn not invited to participate in the private placement in
Arribatec will be offered to participate in a subsequent offering of Hiddn
shares at NOK 0.94 NOK per share
•	Hiddn will be renamed Arribatec ASA and the company will pursue further M&A
initiatives in addition to accelerating the organic growth

“Hiddn is pleased to announce the acquisition of Arribatec, a fast-growing
global software and consultancy company with a solid foundation for further
growth and expansion. Arribatec has a strong track-record for profitable growth,
with tier-1 international customers and an attractive recurring revenue base.
With the strong outlook and significant market opportunities, Arribatec will
pursue further M&A initiatives and accelerate the organic growth” says Martin
Nes, chairman of the board of directors of Hiddn, and continues: 

“The transaction is based on a Hiddn valuation of NOK 1.50 per share, where we
due to transaction technicalities will pay a dividend of NOK 0.56 per share to
the Hiddn shareholders prior to the transaction. The acquisition of Arribatec
shares will be settled in Hiddn shares valued at NOK 0.94 per share and Hiddn
shareholders will be invited to participate in a subsequent offering to fund the
accelerated growth initiatives at equal terms.” 

Pursuant to the Agreement, Hiddn will on and subject to closing of the Agreement
acquire 1,320,000 A-shares of Arribatec, while closing of the Agreement is
subject to Hiddn having been granted an option (the "Option") to purchase the
remaining 630,000 A-shares of Arribatec (the "Remaining A-Shares") for the same
consideration. The A-shares constitute in total approx. 76.5 % of the shares and
96.8 % of the votes of Arribatec. The joint intention of Hiddn and Arribatec is
to complete a statutory merger (the "Merger") between Hiddn and Arribatec
following closing of the Agreement, applying the same exchange ratio as in the
Agreement, thereby making Arribatec a 100% subsidiary of Hiddn. 

The consideration shares to be issued to the shareholders of Arribatec (other
than certain financial Arribatec investors) in connection with the proposed
acquisition will be subject to an extensive lock-up period.

The proposed Transaction is subject to certain terms and conditions, including
(i) satisfactory due diligence, (ii) necessary corporate approvals of Hiddn and
Arribatec, (iii) consent to the Option and undertaking to support the Merger by
holders of the Remaining A-Shares , and (iv) shareholder approval at an
Extraordinary General Meeting (the “EGM”) of a dividend of NOK 50 million (the
"Dividend") in Hiddn. 

Notice for an EGM in Hiddn to approve the necessary corporate resolutions,
including share issue, Dividend, new board and name change, is expected to be
called in the first half of September 2020.

The Agreement is expected to be closed in October 2020, following which the
Company intends to change its name to Arribatec ASA. 

The Private Placement in Arribatec
On 3 September 2020, Arribatec received subscriptions for 846,704 new A-shares
(the “Offer Shares”) in a private placement directed towards certain key
shareholders of Hiddn, raising gross proceeds of up to NOK 85 million (the
“Private Placement”). The subscription price was NOK 100 per Offer Share (the
"Offer Price"), which corresponds to a pre-money valuation (equity value) of
Arribatec of approximately NOK 255 million on a fully diluted basis. 

Shareholder, Number of shares in private placement:

Tycoon Industrier AS, 400 000
Dallas Asset Management AS, 150 000
Hanekamb Invest AS, 20 000
LCS AS, 10 000
Tigerstaden AS, 68 302
Torstein Tvenge, 108 402
Lani Invest AS, 50 000
Datum AS, 40 000

The investors allocated shares in the Private Placement authorised, through the
application for Offer Shares, their entry into an accession agreement to the
Agreement, and thereby have the right and obligation to contribute each of their
Offer Shares to Hiddn in exchange for 105.95 new shares in Hiddn, which is the
same terms as in the Transaction.   

The investors allocated Offer Shares are subject to a 6-month lock-up period for
both existing Hiddn shares owned by the investor and for any consideration
shares received in connection with the Transaction, subject to completion of the
Transaction.

The net proceeds from the Private Placement in Arribatec will be used to pursue
further growth initiatives, including both organic growth and M&A. In terms of
organic growth, the company will focus on office expansions to Germany, France
and the UK. The M&A initiatives will be focused on companies which have
complementary software and other best-of-breed solutions, as well as IaaS and
PaaS opportunities in order to provide a fully integrated in-house SolaaS
offering.  

Subsequent Offering and Employee Offering in Hiddn
Following completion of the Private Placement, and subject to completion of the
Transaction, Hiddn intends to carry out a subsequent offering of new shares in
Hiddn directed towards shareholders in Hiddn who (i) were not invited to
participate in the Private Placement and (ii) are not resident in a jurisdiction
where such offering would be unlawful or, for jurisdictions other than Norway,
would require any prospectus, filing, registration or similar action (the
"Subsequent Offering"). The size of the Subsequent Offering will be determined
following the Private Placement, but the Company intends to offer shares for an
aggregate subscription amount of between NOK 25 and 35 million. The subscription
price in the Subsequent Offering will be NOK 0.94, which is the same terms as in
the Transaction. In addition, and in connection with the Subsequent Offering,
the Board plans to propose an offering of shares directed towards the employees
of the combined company at the same issue price as in the Subsequent Offering
(the “Employee Offering”).   


About Arribatec
Arribatec is a software and consulting company headquartered in Oslo. The
company was founded in 2015 by CEO Per Ronny Stav and former colleagues from
Unit4. It currently employs over 110 people with offices in 8 countries.
Arribatec has a broad customer base serving more than 200 large entities spread
over 20 countries and various industries, both in the private and public sector.
The company’s focus is on the sale, implementation, integration, and service of
ERP systems and BI Analytic tools. Both ERP and BI tools are sold through
partner agreements, where the most important agreement is a global partner
agreement with Unit4, entered into in 2020. Arribatec also develops its own
platforms and solutions, which both complement their third-party offerings and
are sold as stand-alone products. Their products are sold either as a Software
as a Service (“SaaS”) offering or a Solution as a Service (“SolaaS”) package. 

The company has a highly experienced management team with industry leading
credentials and long-standing client relations. Most of the management team have
extensive experience from Unit4 and related ERP-focused companies. 

The company has seen a stable and strong revenue growth since establishment in
2015, with an attractive and growing recurring revenue base. In 2019, Arribatec
had revenues of NOK 118 million, representing a CAGR of 103% in the period
2015-2019. The company’s EBIT was NOK 5.5 million (4.7% EBIT margin) in 2019. 

The company’s shareholders include Per Ronny Stav (29%), Tycoon Industrier AS
(14%), and Arribatec employees (57%). Tycoon Industrier AS is owned by Mr.
Øystein Stray Spetalen, a Board member of Hiddn, and the CEO of Tycoon
Industrier AS, Mr. Martin Nes, is the Chairman of the Board of Directors of
Hiddn.  

For further information about Arribatec, please refer to the attached corporate
presentation or the company’s website https://www.arribatec.com/. 

Carnegie AS (the "Manager") acts as sole financial advisor to Arribatec and
Hiddn in connection with the Transaction and the Private Placement. 

For further information, please contact: 

Lars Christian Stugaard, interim CEO: +47 476 30 522 / e-mail:
larschristian@ferncliff.no, 
or Martin Nes, chairman: +47 920 14 814 / e-mail: martin@ferncliff.no

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.


Important information 


Important information: The release is not for publication or distribution, in
whole or in part directly or indirectly, in or into Australia, Canada, Japan or
the United States (including its territories and possessions, any state of the
United States and the District of Columbia). This release is an announcement
issued pursuant to legal information obligations, and is subject of the
disclosure requirements pursuant to section 5-12 of the Norwegian Securities
Trading Act. It is issued for information purposes only, and does not constitute
or form part of any offer or solicitation to purchase or subscribe for
securities, in the United States or in any other jurisdiction. The securities
mentioned herein have not been, and will not be, registered under the United
States Securities Act of 1933, as amended (the "US Securities Act"). The
securities may not be offered or sold in the United States except pursuant to an
exemption from the registration requirements of the US Securities Act. The
Company does not intend to register any portion of the offering of the
securities in the United States or to conduct a public offering of the
securities in the United States. Copies of this announcement are not being made
and may not be distributed or sent into Australia, Canada, Japan or the United
States. 

The issue, subscription or purchase of shares in the Company is subject to
specific legal or regulatory restrictions in certain jurisdictions. Neither the
Company nor the Manager assume any responsibility in the event there is a
violation by any person of such restrictions. The distribution of this release
may in certain jurisdictions be restricted by law. Persons into whose possession
this release comes should inform themselves about and observe any such
restrictions. Any failure to comply with these restrictions may constitute a
violation of the securities laws of any such jurisdiction. 

The Manager is acting for the Company and no one else in connection with the
Private Placement and will not be responsible to anyone other than the Company
providing the protections afforded to their respective clients or for providing
advice in relation to the Private Placement and/or any other matter referred to
in this release. 

Forward-looking statements: This release and any materials distributed in
connection with this release may contain certain forward-looking statements. By
their nature, forward-looking statements involve risk and uncertainty because
they reflect the Company's current expectations and assumptions as to future
events and circumstances that may not prove accurate. A number of material
factors could cause actual results and developments to differ materially from
those expressed or implied by these forward-looking statements. This information
is subject to the disclosure requirements pursuant to section 5 -12 of the
Norwegian Securities Trading Act.