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NRD Cyber Security – a cybersecurity company
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Novian – a leading Baltic IT company
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NRD Companies – a global GovTech player
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News

  • Enlight Research updates valuation of INVL Technology and raises target share price
    2025-09-22
    Enlight Research updates valuation of INVL Technology and raises target share price

    Enlight Research updated its valuation of INVL Technology, a company that invests in IT businesses which is seeking to divest its portfolio of investments, following the publication of operating results for the first half of 2025. Analyst Mattias Wallander, who performed the valuation for Enlight Research, increased the target price for INVL Technology’s shares to…

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  • INVL Technology earned 22.8% more net profit in the first half of the year
    2025-08-26
    INVL Technology earned 22.8% more net profit in the first half of the year

    INVL Technology, a company that invests in IT businesses, earned an unaudited net profit of EUR 0.766 million in the first half of 2025, 22.8% more than in the same period last year, when it reported EUR 0.624 million. The company equity and net asset value reached  EUR 52.03 million at the end of June…

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  • INVL Technology terminated agreement with investment advisor
    2025-07-18
    INVL Technology terminated agreement with investment advisor

    INVL Technology, a company that invests in IT businesses, decided to terminate the contract with the Zurich branch of Corum Group’s Luxembourg-based unit Corum Group International on intermediary services in the divestment of INVL Technology’s portfolio companies on 17 July 2025. Certain terms of the agreement will remain in force for a 12-month tail period….

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  • Enlight Research revises target price for INVL Technology’s shares
    2025-05-05
    Enlight Research revises target price for INVL Technology’s shares

    Enlight Research updated its valuation of INVL Technology, a company that invests in IT businesses, following the publication of operating results for 2024. The target price for INVL Technology’s shares was raised to EUR 4.12 from EUR 4.01 per share. Before publication of the Enlight Research update report, INVL Technology’s share price on the Nasdaq…

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About Us

  • INVL Technology operates as a closed-end fund (CEF) which invests in and develops European IT businesses. The company is headquartered in Vilnius and is listed on the Nasdaq Vilnius stock exchange.
  • INVL Technology owns 3 company groups: Novian (a leading Baltic IT company), NRD Companies (a global GovTech company), and NRD Cyber Security (a cybersecurity company).
  • On 14 July 2016, the Bank of Lithuania granted INVL Technology a permit to operate as a CEF for 10 years with a possible extension for 2 more years. The company is managed by INVL Asset Management.
INVL Technology operates as a closed-end fund (CEF) which invests in and develops European IT businesses. The company is headquartered in Vilnius and is listed on the Nasdaq Vilnius stock exchange.
INVL Technology owns 3 company groups: Novian (a leading Baltic IT company), NRD Companies (a global GovTech company), and NRD Cyber Security (a cybersecurity company).
On 14 July 2016, the Bank of Lithuania granted INVL Technology a permit to operate as a CEF for 10 years with a possible extension for 2 more years. The company is managed by INVL Asset Management.
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Compliance

1
INVL Technology operates under a closed-end investment company permit issued in 2016 by the Bank of Lithuania, which is responsible for its supervision.
2
INVL Technology's accounting is in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and, as an investment entity, it is subject to IFRS 10.
3
Each year, certified independent valuation professionals assess the value of INVL Technology's asset holdings. In 2022, the valuation was performed by Deloitte Verslo Konsultacijos.
4
The company's operations are audited annually. The 2022 audit was carried out by PwC.
5
The company’s shares are listed on the Nasdaq Vilnius (INC1L).
6
The companies that INVL Technology owns have a formal policy for selecting appropriate business partners.
7
INVL Technology is managed by INVL Asset Management.
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Value Creation

INVL Technology focuses on creating value through organic growth.
Aggregated revenue of companies managed by INVL Technology (thousands of euros)
R&D is a key priority for INVL Technology. In 2020-2024 its companies invested EUR 3.4 million in the development of proprietary products, software and methodologies.
Investment in R&D (millions of euros)

Legal Structure

Timeline

INVL Technology operational strategy is divided into 3 principal stages: investment period (2016-2021), value creation period (2021-2024), exit period (2024-2026) with an optional extension till 2028.
2015
2015
  • INVL Technology and BAIP Group merge and continue operations as INVL Technology.
  • INVL Technology raises 10 million euros in a public offering of new shares.
  • Norway Registers Development (now NRD Companies) acquires a majority stake in Etronika.
Investment period
2016
Investment period
2016
  • INVL Technology obtains permit and starts operating as a closed-end fund (CEF).
  • INVL Technology acquires Algoritmų Sistemos (now Novian Systems).
  • INVL Technology acquires Andmevara.
2019
2019
  • INVL Technology completes the formation of Novian.
  • Novian acquires Zissor.
2020
2020
  • INVL Technology completes the formation of NRD Companies.
Investment period
2021
Investment period
2021
  • A Novian group company acquires Elsis PRO.
Exit period
2024
Exit period
2024
  • Start of exit.
2026*
2026*
  • Exit
    * 2-year extension is possible.

Contact Us

Send us an email using the form below.
Send us an email using the form below.

    *By pressing “Send” you agree to the collection and processing of your personal data (email address and message contents) for the purpose of providing a response to your request. Under the Company’s privacy policy, this information will be stored until the request is resolved and for no longer than 2 years from its submission. You can always withdraw your consent by [email protected].