Huddlestock acquired by Done AI
Context
Done.ai Group AB has acquired Huddlestock Fintech AS through the purchase of 100% of the shares in Huddlestock Investor Services AS, Huddlestock AB and Huddlestock Technologies AB. The transaction will be completed pending approval from the Norwegian Financial Authority and includes a cash component at closing together with a seller's credit that may be converted into equity or cash at the buyer's discretion. Integration plans call for embedding Huddlestock's Investment-as-a-Service technology into the Done.ai platform and delivering the combined solution to the extensive customer base of 24SevenOffice under an exclusive three‑year distribution agreement. The acquisition aligns with Done.ai's objective to broaden its AI‑native fintech ecosystem by adding institutional‑grade investment infrastructure to its existing suite of embedded financial services. By consolidating the IaaS platform, Done.ai can cross‑sell treasury, credit and payment functionalities to existing ERP clients while leveraging its partnership with a leading Nordic bank to satisfy regulatory requirements. The combined offering enhances the company's ability to capture a larger share of the growing demand for real‑time, automated liquidity and investment management among mid‑market businesses. Post‑closing, the buyer expects to realize cost efficiencies through the integration of development teams, shared cloud resources and streamlined governance structures. Revenue growth is anticipated from accelerated adoption of the IaaS platform within the 24SevenOffice ecosystem and from new corporate clients seeking embedded investment capabilities. The expanded product portfolio positions the combined entity to increase recurring revenue streams, improve profitability and strengthen its competitive stance in the European embedded finance market.
Huddlestock, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of 10x–18x.
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Target
Huddlestock Fintech AS develops and operates an Investment-as-a-Service platform that provides end‑to‑end investment infrastructure for business customers. The platform supports onboarding, multi‑asset execution, custody, post‑trade processing and regulatory compliance through a modular API architecture. Clients include corporate treasurers, asset managers and technology providers that embed the service within their own operational systems. Revenue is generated primarily from recurring subscription fees and transaction‑based charges linked to assets under administration. Founded in the early 2010s, the company expanded from a domestic Swedish operation to a pan‑Nordic presence, establishing development centers in Norway, Sweden and Denmark. Technical capabilities comprise a cloud‑native core engine, real‑time risk analytics and integration with multiple market data and settlement networks. The business model emphasizes scalability, allowing the platform to serve tens of thousands of end users while maintaining a low marginal cost per client. Huddlestock has pursued growth through selective acquisitions across the Nordics, consolidating technology and talent to create a unified service offering. The firm maintains a compliance framework aligned with European financial regulations and holds necessary licences for custody and trade execution. Its market positioning targets mid‑size enterprises seeking to outsource investment functions without building in‑house capabilities.
Ent. Value
NOK 50–150M
Equity Value
[members only]
Multiples
EV / Revenue
1x–3x
EV / EBITDA
10x–18x
EV / EBIT
[members only]
Historical Financials (NOK)
REFERENCES
Valuation range: EV NOK 50–150M
Revenue range: NOK 25–50M
EBITDA range: NOK 5–25M
EV/Revenue range: 1x - 3x
EV/EBITDA range: 10x - 18x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Huddlestock by Done AI are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: huddlestock
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