22.12.2021 18:31:25 CET | EcoOnline | Additional regulated information required
to be disclosed under the laws of a member state

Oslo, 22 December 2021 | EcoOnline AS ("EcoOnline"), a subsidiary of EcoOnline
Holding AS, has today acquired Munio AS ("Munio" or "the Company"), an EHS
eLearning Software as a Service ("SaaS") company.

Munio is a Norwegian company providing EHS eLearning and Learning Management
Systems (LMS) with product extension into access and contractor management. The
Company has a solid customer portfolio of larger Nordic manufacturing and
chemical processing companies and has recently been awarded some German
contracts while investing for further German expansion. 

Munio's technology and products will strengthen EcoOnline's eLearning business
with an extensive EHS course library and production competence and contribute to
the further enrichment of EcoOnline's EHS offerings within access and contractor
management. Munio has +50 eLearning platform customers as well as +1500
customers using the eLearning courses. 

Munio is based in Horten (Norway) and has a highly competent team of 19
employees. The sellers of the Company are key personnel with extensive EHS
eLearning knowledge that are eager to join forces with EcoOnline. The Company
has experienced strong growth during the last years and is expecting a 2021
total revenue of MNOK 20 with Annual Recurring Revenue (ARR) of MNOK 10.5 and
EBITDA of MNOK 2. 

The total purchase price of all shares in Munio amounted to MNOK 58, and was
settled at closing today by: 
- MNOK 40.5 in cash, funded with existing cash reserves 
- MNOK 17.5 in shares in EcoOnline Holding AS at NOK 20.525 per share. 
There is an earn-out element related to ARR growth in Europe outside the Nordics
and UK over the next 30 months. 

"In EcoOnline, the safety and wellbeing of workers is at the forefront of all
development - our investments in eLearning are a key part of that goal. The
acquisition of Munio strengthens and broadens our offering, both through their
leading product, content and a best-in-class team. Through Munio, we can offer a
full in-house EHS learning solution, in addition to further modules such as
access management. I look forward to welcoming the team and their customers to
the EcoOnline," says Göran Lindö, CEO of EcoOnline. 

"We in Munio have in the last couple of years seen a rapid increase in demand
and interest for smart learning systems and e-courses. There is no doubt