Business Update and Contemplating Fully Underwritten Rights Issue and Potential Private Placement to Support Market Expansion

OSLO, NORWAY – Oct 18, 2023

Ayfie Group AS: Business Update and Contemplating Fully Underwritten Rights Issue and Potential Private Placement to Support Market Expansion

(Oslo, 18 October 2023) Ayfie Group AS (Ayfie, OSE: AYFIE) today announces a business update with several new contracts as part of the commercial launch of the new Ayfie cloud-based search engine with generative AI for the legal and financial sectors. The company contemplates a fully underwritten rights issue of NOK 10 million at NOK 8 per share to further invest in marketing and sales to leverage on the opportunities. Ayfie also considers a subsequent potential private placement of up to NOK 5 million at the same share price, directed to new investors in the company.

"We are thrilled to announce the strong development following the commercial launch for our generative AI offering for corporate data, which our team has built in record time by combining the Ayfie search engine with ChatGPT capabilities. With over 30,000 active users already testing the platform, we look forward to delivering powerful solutions to the legal and financial sectors,” Herman Sjøberg, Chief Executive Officer (CEO) of Ayfie, and continues:

“Over the recent period, Ayfie has secured agreements with several major Norwegian law firms, a significant company in the aquaculture industry, and a prominent air transportation provider. These contracts highlight the versatility and broad applicability of our solutions across different sectors.”

Ayfie provides unified access to all enterprise data, integrating with generative AI like ChatGPT. Users can ask detailed questions such as 'when does our office space contract expire?' or 'does our company health insurance cover dental check-ups?' and receive precise answers. Ayfie is also actively collaborating with leading partners, both domestically and internationally, to further enhance the market reach and to open new opportunities for growth and innovation.

The new solutions are already launched for Azure Marketplace, enabling availability without contacting Ayfie, with automatic installation and invoicing through Microsoft.

“Based on this positive development and the opportunity to enhance our market position, Ayfie is executing this rights issue. We aim to invest in marketing and sales to accelerate the growth and to leverage on these opportunities,” Sjøberg concludes.

The company continues to generate annual recurring revenues in parallel with the strategy to pursue the opportunities within combining the Ayfie search engine with the ChatGPT opportunities in the B2B market, in addition to maintaining strong capital discipline and cost control.

Major shareholders of Ayfie have fully underwritten the NOK 10 million rights issue at NOK 8 per share. Further information on the contemplated equity issues will be provided in separate announcements.

ENDS

For further information, please contact:

Herman Sjøberg, CEO, Phone: [+47 926 62 233], Email: [herman.sjoberg@ayfie.com]

Lasse Ruud, CFO, Phone: [+47 930 90 008], Email: [lasse.ruud@ayfie.com]

Ayfie | ayfie.com

About Ayfie:

Ayfie is a leading software provider specializing in data search and generative AI. With over 15 years of experience, we have honed our expertise in transforming unstructured data into valuable insights that benefit both large enterprises, medium-sized businesses, and individuals.

 
ABOUT AYFIE / Ayfie.com
Ayfie is a leading software provider specializing in data search and generative AI. With more than 15 years' experience, we have honed our skills in transforming unstructured data into valuable insights that benefit both large enterprises, medium businesses, and individuals. In 2023, we took a giant leap forward by integrating generative artificial intelligence into our platform. This innovation provides users with a unique way to interact with their data, creating new, powerful, and actionable insights. Our mission is to help you extract and generate structured insights from unstructured sources to drive your success.

Learn more at  www.ayfie.com