Done.ai, a Swedish-based provider of an AI-powered enterprise resource planning (ERP) system for finance, has announced an agreement to acquire the investment-as-a-service (IaaS) platform of Norwegian firm Huddlestock Fintech. The acquisition will be achieved through a purchase of 100 per cent of the shares in Huddlestock Investor Services AS, Huddlestock AP, and Huddlestock Technologies AB.
The acquisition is a part of Done.ai’s aim to build an AI-powered fintech platform that can be embedded in financial services at scale. Huddlestock’s IaaS functions will be integrated into the Done-ai platform, enabling it to deliver end-to-end investment infrastructure including multi-asset execution, custody, and post-trade processing to its clients.
The enterprise value for the three businesses to be acquired amounts to 70 million NOK. Done.ai will be paying 10 million NOK in cash upon closing. 60 million NOK will be issued as a seller’s credit until 15 August 2025. A press release from Done-ai reveals that the acquired businesses currently generate revenues of approximately 30 million SEK, with an EBITDA of negative 6 million SEK. Done.ai intends to “improve profitability… through identified cost efficiencies and operational synergies”.
Done.ai CEO Staffan Herbst describes the deal as a part of Done.ai’s strategy to “build a unified, intelligent financial ecosystem” that aims to influence “how businesses manage liquidity, credit, and investments in real time”.
