25.4.2022 07:00:01 CEST | Ørn Software Holding AS | Non-regulatory press
releases

Trondheim, April 25, 2022 - Ørn Software Holding AS has signed an agreement with
Statens Vegvesen (The Norwegian Public Road Administration) for a cloud based
comprehensive facility management system covering the authority's complete
portfolio of real estate - in total 400,000 square meters. 

The contract increases Ørn Software's annual recurring revenue (ARR) with NOK
1.8 million. The duration of the contract is 3 years, with the option to extend
with 1+1+1 more years. The delivery of the service will commence in July 2022.
In addition to the recurring revenue, the contract includes implementation work
amounting to NOK 3.7 million. 

"We are really excited to be selected by Statens Vegvesen and are looking
forward to provide them with efficient software tools for the management of
their large and complex property portfolio. The contract serves as another proof
point of our attractive solutions for large property owners and managers, said
Sten-Roger Karlsen, CEO of Ørn Software. 

The SaaS solution Facilit is at the core of Ørn Software's delivery to Statens
Vegvesen. In addition, the third-party building data service BIM2Share and
CleanPilot, a system for planning and reporting of cleaning are integrated. 

Ørn Software announced a similar contract with Trøndelag Fylkeskommune in Norway
in addition to a large contract with Finnish authorities in March. Hence, the
delivery to Statens Vegvesen further reinforces Ørn Software's already strong
position in the public and private facility management market. 

"Ørn Software expects a gradual acceleration in organic ARR growth in 2022,
following significant investments in M&A and sales capabilities in 2021. The
recent inflow of large contracts with public authorities underpins this
expectation," said Sten-Roger Karlsen. 

In the period 2017 to 2021 Ørn Software recorded 10x growth in annual recurring
revenue including acquisitions and 28 percent annual organic growth in ARR. 

"We have continued high growth ambitions for the years to come, and at the same
time we prioritize profitability. In 2022 we expect to reach an EBITDA margin of
33-35 percent and to become cash-flow positive, adjusted for any special items,"
said Sten-Roger Karlsen. 

Ørn Software's the 2025 target is to grow ARR organically to NOK 430 million
with EBITDA of more than 45 percent.

CONTACTS

 * Sten-Roger Karlsen, CEO Ørn Software, +47 922 62 321, srk@ornsoftware.com 
 * Vidar Andre Løken, CFO Ørn Software, +47 952 60 926, val@ornsoftware.com 

ABOUT ØRN SOFTWARE HOLDING AS

Ørn Software is a Nordic provider of SaaS solutions enabling efficient
operations and maintenance across a wide range of asset-heavy industries,
including real estate, manufacturing, food & beverages, and aquaculture.

The Group's software provides customers with improved insight through
data-driven operations and contributes to increased efficiency and reduced costs
through digitalization of rental processes, data-driven maintenance scheduling
and energy optimization. All of the above contribute to the lengthening of
property and equipment lifespan, a key component of Ørn Software's value
proposition. Furthermore, the Group's offering enables customers to reduce their
environmental footprint and provides digital tools to meet reporting and
regulatory requirements.

ATTACHMENTS

Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17847696/1373/1850/Download%20announcement
%20as%20PDF.pdf