OSLO: CodeLab Capital AS has signed a share purchase agreement to acquire Kuba Norge AS for NOK 20 million, the company announced today. The deal aligns with CodeLab’s strategy of investing in businesses and providing financial and operational support to boost their value.
Kuba, a leader in Norway’s health, safety, and environment (HSE) sector, offers authorized occupational health services to corporate clients. The company generates NOK 12.5 million in annual recurring revenue and serves over 1,500 customers.
“I’m excited about this acquisition, which marks a new phase for CodeLab as we pursue strategic investments that create shareholder value,” said Anton Lorenz Bondesen, CodeLab’s chairman. “Kuba has a solid foundation for growth, and we will focus on scaling its operations while retaining its dedicated team.”
Under the terms of the deal, CodeLab will acquire 97.6% of Kuba’s shares. The NOK 20 million purchase price will be paid in three parts: a cash payment at closing, a portion in CodeLab shares, and a deferred payment due in early 2028, subject to performance adjustments.
To finance the acquisition, CodeLab has secured NOK 13.9 million in new equity through commitments from major shareholders and investors. The company plans a private placement to finalize the transaction.
Kuba was founded in 2011 and operates in Tønsberg and Oslo with 14 employees. It traces its roots back to Norsk Kvalitetsforum, a software firm established in 1998. The company offers SaaS solutions for HSE compliance and food safety, supporting clients with advisory services and online training.
Following the transaction, CodeLab’s CEO Kristian Ikast will transition to chairman, while Bondesen will assume the CEO role. The leadership changes will be proposed at the upcoming general meeting.
“Kuba’s growth potential is clear, and with CodeLab’s support, we see significant opportunities ahead,” said Kuba CEO Lars Olborg.
The acquisition is subject to shareholder approval and standard closing conditions. Further details on the company’s private placement will be announced soon.