- ARR +45% year-on-year to NOK 211 million, with organic ARR growth of 19% 
- Excluding non-core offering divested in January, ARR increased +54% to NOK 197
million, with organic ARR growth of 25%
- Growth supported by the acquisition of Keyforce in the fourth quarter
- Revenue +41% to NOK 52.7 million in Q4, with organic growth of 20%
- EBITDA of NOK -18.4 million and NOK -5.0 million adjusted for special cost
items in Q4, reflecting continued investments in growth 
- Sharpened the strategic focus through divestment of 'on-premises' contracts in
January
- Expects positive EBITDA in 2022 and positive Cash EBITDA in 2023 
- Fully funded growth plan towards ARR base of NOK 500 million by the end of
2025

Høvik, 17 February 2021: House of Control (HOC) reported 41% year-on-year
revenue growth to NOK 52.7 million in the fourth quarter of 2021, and 42% growth
to NOK 177.2 million for the full year 2021. Organic growth was 20% for the
quarter and 21% for the full year.

Annual recurring revenue (ARR) increased by 45% to NOK 211 million, of which 19%
organic growth and the remainder explained by the acquisitions of Business
Analyze, Egreement and Keyforce during 2021.

Excluding the non-core offering divested in January 2022, ARR increased by 54%
to NOK 197 million, of which 25% organic growth and the remainder explained by
acquisitions.

"We have shown good growth both organically and through acquisitions, and
believe we are on track towards our target to build a highly profitable ARR base
of NOK 500 million by the end of 2025," says CEO Lasse Sten in House of Control.

House of Control is invested significantly into growth, and higher operating
costs mainly reflects an increase of more than 50% in the workforce to 167
people at the end of the year. The EBITDA-loss was NOK 18.4 million for the
fourth quarter and NOK 28.4 million for the full year 2021.Excluding special
cost items, the EBITDA loss was NOK 5.0 million in the fourth quarter and NOK
3.6 million for the full year.

The company is further sharpening its focus on its cloud-based SaaS products and
services, and in January entered an agreement to transfer the responsibility for
non-core 'on-premise' contracts to Cillco Technology, who will also take over 26
employees currently employed in House of Control's subsidiary DinERP.

The agreement reduces ARR by approximately NOK 14 million and generates an
impairment of NOK 52.8 million that has been charged to the Income Statement for
the fourth quarter and full year 2021. However, the transaction also reduces the
annual cost base by approximately NOK 30 million, and the company expects to
turn EBITDA-positive in 2022 and Cash EBITDA-positive including capitalized R&D
investments in 2023.

"We are sharpening our focus and reducing costs and believe this will accelerate
our growth and strengthen our financial performance. We will turn cash flow
positive at an earlier point in time, and see no need for additional funding to
realize our growth plans towards the NOK 500 million target," adds Sten.

The company will host a webcast today at 08:00 CET. Please use the following
link to access the presentation:

https://channel.royalcast.com/landingpage/hegnarmedia/20220217_1/

The presentation will be followed by a Q&A session. Questions may be asked in
writing during and after the presentation in the comments section below the
webcast window. The report, presentation and the link to the webcast will also
be made available at https://www.houseofcontrol.com/investor-relations.

For further information please contact: 

CFO Carl Fabian Flaaten		
Cell: +47 90 04 31 84
Email: carlfabian@houseofcontrol.no	
 
About House of Control:
House of Control develops SaaS (Software as a Service) solutions. These are
digital tools that the CFO can easily apply to improve the performance of the
finance department and - ultimately - the whole company. The CFO toolkit
contributes to at least four important tasks: Cut costs, save time, reduce risk,
and improve compliance - all key ingredients of a better-working finance
department. Private and public enterprises use the software to manage contracts
and assets, comply with IFRS 16 requirements, communicate with suppliers, and
organize procurement. House of Control's strong revenue growth is supported by a
unique salesforce, and approximately 94 percent of sales are annual recurring
revenues.

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