Photo: Hiddn Solutions ASA
Hiddn Solutions ASA (Hiddn), an Oslo Stock Exchange listed company operating within the data protection business, has entered into a Letter of Intent (LOI) for a potential business combination with Ayfie Group AS (Ayfie), an international provider of Artificial Intelligence enhanced solutions for the legal, legal services, finance and publishing industries.
Following the potential transaction, the Ayfie shareholders are expected to hold approximately 85% of Hiddn. The Ayfie technology was launched in late 2017, and Ayfie reports audited revenues in 2018 of NOK 48.9 million and a contracted annual recurring revenue at year end 2018 of NOK 68 million.
“The global market for the analysis of large volumes of text through artificial intelligence and machine learning is expanding rapidly. ayfie’s unique technology gives businesses the ability to leverage insight for process automation. ayfie’s ambition is to take a leading position in this fast-growing market. Ayfie’s strong growth combined with Hiddn will facilitate accelerated global expansion.” says Erik Baklid, CEO of ayfie Group.
The transaction is expected to close during the second half of 2019.
Aabø-Evensen & Co acts as legal advisor to Hiddn Solutions ASA in connection with the transaction.