24SevenOffice Group AB announces settlement in the dispute with the founders of Busy Technologies AS

The settlement agreement entails that 24SevenOffice Group AB will pay 18 million NOK as the final earnout payment for the shares in Busy Technologies AS owned by the founders (49.7% of the outstanding shares). The agreement is a final settlement for all claims and counterclaims between the parties. Each party will cover their own legal expenses.

The Norwegian Tax Administration has issued a notice of amendment to Busy Technologies AS’s tax filings for all previously received funding from the Norwegian SkatteFUNN, R&D tax incentive program, for the years 2018-2021. The notice entails a repayment of 3.6 million NOK in taxes.

With this agreement, the dispute with the Busy founders is fully settled, and the legal proceedings are concluded.