Huddlestock announced on Tuesday, October the 17th, that Norse Securities AS (“Norse”) has selected Huddlestock’s Investment-as-a-Service for digitalization of Project Financing & customer onboarding.
Huddlestock has signed Norse, which is a part of Norse Gruppen, Norse Gruppen’s main businesses are within securities trading, corporate finance, fund management and real estate. Norse has chosen Huddlestock’s core broker technology to enable the digitalization of Norse’s project financing and customer onboarding within the customer’s Corporate Finance business. Through modules within Huddlestock’s Investment-as-a-Service offering that Norse will utilize, Norse can increase efficiency and digitalization within the project financing and customer onboarding client area. Implementation with Norse will start in the first quarter of 2024 (Q1-24). The revenues from the agreement are of a recurring nature and are based on a combination of license fees and basis points (BPS) of Assets under Management (AuM).
Earlier in the month of October (October 2nd), Huddlestock also announced that a Norwegian asset manager has selected Huddlestock Investor Services for nominee depot, management of shareholder registers, as well as customer and tax reporting. The implementation with the Norwegian asset manager commenced during the month of October. The revenues from the agreement are of a recurring nature as well and are based on a combination of license fees and basis points (BPS) of Assets under Management (AuM).
The agreement with both Norse and the Norwegian asset manager within Huddlestock’s Investment-as-a-Service is strategically significant as it both confirms the high market demand for the company’s technological offering, Investment-as-a-Service, and demonstrates the broad value within the company’s products and services.
Analyst Group view on Huddlestock
“During the month of October, Huddlestock signed two clients within the company’s technological offering, Investment-as-a-Service, which is considered a strong achievement. The clients are within Wealth and Asset Management and Corporate Finance, demonstrating the wide range of use of Huddlestock’s products and services within Investment-as-a-Service, and also implying a greater potential within the entire financial markets. The revenues from the agreements are based on recurring income, where the revenues are combined from fixed recurring income, derived from license fees, and variable recurring income, derived from basis points (BPS) from Assets under Management (AuM). With the agreement with Norse, Huddlestock strengthens its client portfolio by adding another customer in the Corporate Finance segment, this time in the Norwegian market. This further confirms the company’s cross-selling opportunities within the Huddlestock Group. We repeat our expectation of rising sales going forward, with two new clients within the month of October and a growing ARR from 2024 and beyond. We therefore also repeat our valuation range based on our financial forecast for 2024, why Huddlestock, at current levels, still trades at a very attractive risk/reward ratio.”, says the analyst at Analyst Group covering Huddlestock.
