WLCOM AS has become a part of ECIT.
Company announcement No. 32


ECIT is pleased to announce that WLCOM has become a part of ECIT. ECIT has
acquired 70% of WLCOM, while the seller CONZIGMA AS will hold 30% going forward.
The software and consulting company with more than 25 years of experience will
strengthen the IT division in ECIT. 

"The experienced people in WLCOM and their competence within systems and
processes is a very good match for ECIT. We are pleased to welcome both
customers and employees of WLCOM to ECIT." - Peter Lauring, CEO, ECIT. 
The acquisition is settled partly with cash and partly by issuing new shares in
ECIT AS.

In relation to the acquisition, the board of ECIT has decided that the share
capital in ECIT AS will be increased with NOK 1,991,397 through issue of
1,991,397 B-shares at par value NOK 1,00 to CONZIGMA AS, org. no. 976 324 676.  

The ECIT-shares are valued at NOK 10.04320 per share, total NOK 20,000,000. The
price corresponds to VWAP of the calendar month before the transaction less 5%.
The share capital is increased from NOK 443,005,234 to NOK 444,996,631. 

Shares issued under this transaction is subject to a 12-month lock-up period. 
 
The distribution of shares will, after the capital increase, be as follows: 
o Class A, 41,336,068 shares. 
o Class B, 338,719,280 shares. 
o Class C, 64,941,283 shares. 



About WLCOM 
WLCOM develops and distributes on-premises and cloud-based software-solutions
that include industry verticals and specialized solutions based on modern
technology and solid industry knowledge. WLCOM has more than 25 years of
experience in streamlining the processes of industrial and trading companies and
has a significant customer portfolio consisting of reputable companies locally,
nationally and in the Nordic market. 

Some of WLCOM's focus areas are: 
o Food industry 
o Asphalt - Aggregates (APG) 
o Waste and recycling 
o Process industry 

WLCOM was originally founded in 1992 and has since been managed by Steinar
Aamodt (General Manager) and Ketil Undbekken (Chairman of the board). WLCOM had
a 2020 revenue of 53,4 MNOK and has approximately 40 employees. 
  
About ECIT 
ECIT was founded in 2013 and has its deliverables within accounting, payroll,
and a range of IT services delivered to a large customer base. ECIT had a
Proforma 2020 revenue of NOK 2 billion and has more than 2100 employees across 9
countries. 

Acquisitions have been an important part of the company's growth since 2013, as
more than 100 acquisitions have been completed. ECIT has a proven model for
acquisition and business integration, ensuring proximity to customers and local
entrepreneurship combined with the strength of a larger international group. 





Any questions may be addressed to COO Christine Lundberg Larsen,
christine.larsen@ecit.com, +47 452 11 552