Efecte commences co-determination negotiations – measures needed to address COVID-19 and to reorganize to adapt to the new market situation

EFECTE OYJ – COMPANY ANNOUNCEMENT – 29 APRIL 2020 at 12.00

Efecte commences co-determination negotiations – measures needed to address COVID-19 and to reorganize to adapt to the new market situation

Efecte initiates co-determination negotiations in accordance with the Act on Co-operation within Undertakings with the aim of adjusting operations in the circumstances caused by COVID-19. The negotiations may lead to temporary layoffs, part-time employments, redundancies and reorganizing of work tasks for financial and production-related reasons.

The need for adjustment is due to the business impact of the Covid-19 situation. The goal is to mitigate the short-term financial impacts and to adapt to the longer term changes in the market through reorganizing and streamlining operations.

The adjustment measures concern the entire personnel in Finland, approximately 90 employees. In addition, the negotiations concern the termination of a maximum of 9 employments. The negotiations will commence on 29 April 2020.

Additional information

CEO Niilo Fredrikson, 7

Certified adviser:

Evli Bank Oyj, tel. 0

Efecte Plc

Efecte helps service organizations digitalize and automate their work. Customers across Europe leverage our cloud service to operate with greater agility, to improve the experience of end-users, and to save costs. The use cases for our solutions range from IT service management and ticketing to improving employee experiences, business workflows, and customer service. We are the European Alternative to global players in our space. Our headquarters is located in Finland and we have regional hubs in Germany and Sweden. Efecte is listed on the Nasdaq First North Growth Market Finland marketplace.