Done.ai Group AB ("Done.ai") today announced it has entered into an agreement to acquire the Investment-as-a-Service ("IaaS") platform of Huddlestock Fintech AS (Euronext Growth Oslo: HUDL), through the purchase of 100% of the shares in Huddlestock Investor Services AS, Huddlestock AB, and Huddlestock Technologies AB.
The acquisition marks another key milestone in Done.ai's strategy to build a fully integrated, AI-powered fintech platform offering embedded financial services at scale. Huddlestock's IaaS capabilities will be integrated into the Done.ai platform and made available to tens of thousands of businesses through the exclusive fintech distribution agreement with 24SevenOffice. This will enable Done.ai to deliver end-to-end investment infrastructure, including onboarding, multi-asset execution, custody, post-trade processing, and regulatory compliance, directly within the operational systems used by its business customers.
The acquired IaaS businesses currently generate annual revenues of approximately MSEK 30 and employ 17 professionals, including 12 dedicated to technology and platform development. While the businesses currently operate at a negative EBITDA of around MSEK 6, Done.ai expects to significantly improve profitability in the quarters following the transaction through identified cost efficiencies, operational synergies, and revenue growth. With the support of Done.ai's broader ecosystem, the IaaS platform is positioned to achieve rapid profitability, driven by scale, cross-selling opportunities, and strong recurring revenue streams.
This acquisition builds on Done.ai's transformation into a full-stack, AI-native fintech platform. With exclusive access to 24SevenOffice's extensive customer base and a strategic banking partnership with Nordiska Kreditmarknadsaktiebolaget (publ), Done.ai is uniquely positioned to deliver regulated financial services, including credit, payments, and automated treasury management, directly into everyday business workflows. These capabilities will unlock new value for customers by enabling smarter liquidity management, seamless investment of surplus funds, and fully embedded financial operations.
"This acquisition is a cornerstone of our strategy to build a unified, intelligent financial ecosystem. By combining Huddlestock's institutional-grade infrastructure with our AI-driven platform and ERP customer base, we're uniquely positioned to reshape how businesses manage liquidity, credit, and investments in real time," said Staffan Herbst, CEO of Done.ai.
"We are extremely pleased to execute on the second milestone of Huddlestock's three-pillar strategy, where we together with a strong partner will unlock the full growth potential of our Investment-as-a-Service platform with access to a broader customer base. The Nordic IaaS technology was consolidated through M&A across the Nordics in 2023. In 2024 we integrated the acquired technology and organizations. Now we will unleash the full potential of the platform under the leadership of Done.ai." says Leif Arnold Thomas, CEO of Huddlestock.
Transaction Structure
The transaction will be executed through Done.ai acquiring 100% of the shares in Huddlestock Investor Services AS, Huddlestock AB, and Huddlestock Technologies AB, thereby obtaining full ownership of the technology and operational capacity within Huddlestock's IaaS platform.
The total consideration for the acquisition amounts to an Enterprise Value of MNOK 70, where MNOK 10 will be paid in cash upon closing and the remaining MNOK 60 will be issued as a seller's credit until August 15 2025, which can be converted into shares in Done.ai or paid in cash at Done.ai's discretion. The final amount of the seller's credit will be subject to customary post-closing adjustments related to net debt and working capital as of the closing date.
The Transfer of Huddlestock Investor Services AS is subject to approval from the Norwegian Financial Authority (Finanstilsynet), whereby the transfer of the HIS shares will be completed following such approval.
About Done.ai
Done.ai has entered a new chapter marking its transformation from a traditional ERP vendor into a one-stop shop for modern businesses, offering an integrated suite of AI-powered tools that span the full operational workflow. With a modular, API-first architecture, businesses can manage their entire value chain, from first customer touchpoint to back-end accounting, fully integrated in one automated, end-to-end platform.
Through the integration of embedded financial services such as automated treasury management, payment solutions, spend management, and open banking, Done.ai aims to redefine how businesses manage liquidity and financial operations. These services will initially be launched through an exclusive three-year distribution agreement to 24SevenOffice's extensive customer base, ensuring rapid rollout and adoption.
Combining deep technological expertise, strategic partnerships, and AI-driven automation, Done.ai delivers real-time financial control, operational efficiency, and unmatched scalability, positioning the company as a leading AI-native fintech platform for the business sector.
Done.ai is headquartered in Sweden and listed on Nasdaq First North Growth Market under the ticker 247. The ticker is expected to change to "DONE" following the general meeting on April 10 2025.
About Huddlestock Fintech
Huddlestock is an innovative technology and services provider within the financial industry with products and services making wealth simple, accessible and personal with a Nordic essence and a global mindset. Upon completion of the Transaction, Huddlestock will have a lower cash burn and a lean and focused organization with extensive track record within the financial services industry. Huddlestock will continue its strategy for growth through portfolio optimization, resource efficiency, and long-term value creation across the European focused Huddlestock GmbH and its Consulting division Visigon, while exposed to future value creation in Done.ai.
Huddlestock is listed on Euronext Growth Oslo under the ticker HUDL.
For further information please contact:
Staffan Herbst, CEO and CFO
Tel: +46 10 490 07 00, ir@done.ai
Certified Adviser
The Certified Adviser to 24SevenOffice on Nasdaq First North Growth Market is Partner Fondkommission.
Address: Lilla Nygatan 2, 411 09 Gothenburg
Telephone: +46 (0)31-761 22 30
Website: partnerfk.com
