rn Software Holding AS (ORN) – rn Software adds NOK 1.8 million to ARR through contract with Statens Vegvesen (Norwegian Public Roads Administration)

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Trondheim, April 25, 2022 – Ørn Software Holding AS has signed an agreement with Statens Vegvesen (The Norwegian Public Roads Administration) for a comprehensive cloud-based facility management system covering the authority’s entire real estate portfolio – in total 400,000 square meters.

The contract increases Ørn Software’s Annual Recurring Revenue (ARR) with NOK 1.8 million. The duration of the contract is 3 years, with the possibility of extension for 1+1+1 additional years. The delivery of the service will begin in July 2022. In addition to recurring revenue, the contract includes implementation work amounting to NOK 3.7 million.

“We are delighted to have been selected by Statens Vegvesen and look forward to providing them with effective software tools for managing their large and complex real estate portfolio. The contract is another proof point of our attractive solutions for large property owners and managers, said Sten Roger KarlsenCEO of Ørn Software.

The SaaS Facilit solution is at the heart of Ørn Software’s delivery to Statens Vegvesen. In addition, the third-party construction data service BIM2Share and CleanPilot, a cleaning planning and reporting system are integrated.

Ørn Software announced a similar contract with Trøndelag Fylkeskommune in Norway in addition to a major contract with the Finnish authorities in March. Therefore, delivery to Statens Vegvesen further strengthens Ørn Software’s already strong position in the public and private facilities management market.

“Ørn Software expects a gradual acceleration of ARR organic growth in 2022, following significant investments in M&A and sales capabilities in 2021. The recent influx of large government contracts reinforces that expectation,” said Sten Roger Karlsen.

Over the period 2017 to 2021, Ørn Software delivered 10x growth in annual recurring revenue, including acquisitions, and 28% annual organic growth in ARR.

“We have maintained high growth ambitions for the coming years, and at the same time we prioritize profitability. In 2022, we expect to achieve an EBITDA margin of 33-35% and become cash flow positive, adjusted for any special items,” said Sten Roger Karlsen.

Ørn Software’s goal for 2025 is to grow ARR organically to NOK 430 million with an EBITDA of more than 45%.

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About Ørn Software Holding AS

Ørn Software is a Nordic provider of SaaS solutions enabling efficient operations and maintenance across a wide range of asset-heavy industries including real estate, manufacturing, food & beverage and aquaculture.

The Group’s software provides customers with better insight through data-driven operations and contributes to increased efficiency and reduced costs through digitization of rental processes, data-driven maintenance planning and to energy optimization. All of the above contribute to extending the life of assets and equipment, a key part of Ørn Software’s value proposition. In addition, the Group’s offer allows customers to reduce their environmental footprint and provides digital tools to meet reporting and regulatory requirements.

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