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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 raises valuation and target share price for INVL Technology to EUR 5.05
    2026-03-30
    Enlight Research raises valuation and target share price for INVL Technology to EUR 5.05

    Independent investment research firm Enlight Research has 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 preliminary results for 2025. Acknowledging the Group’s strong financial growth and significantly improved operational performance, Enlight Research increased the target share price…

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  • Regarding the approval of INVL Technology prospectus
    2026-03-26
    Regarding the approval of INVL Technology prospectus

    INVL Technology (hereinafter – the Company) informs that under the provision of the Law on Collective Investment Undertakings of the Republic of Lithuania (hereinafter – CIU), the Company operating under the CIU is under an obligation to have a valid prospectus (hereinafter – the Prospectus) prepared in accordance with the requirements of the CIU or of the Law…

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  • Announcement of the unaudited net asset value of INVL Technology as of 31 December 2025
    2026-03-04
    Announcement of the unaudited net asset value of INVL Technology as of 31 December 2025

    As provided in Section XI ‘Calculation of the Net Asset Value’ of the Articles of Association of INVL Technology, the unaudited net asset value of the Company was EUR 64,624,072 or EUR 5.4013 per share on 31 December 2025. The Company‘s audited Net Asset Value will be reported together with the audited annual management report.

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  • Preliminary “INVL Technology” 2025 operating results
    2026-03-04
    Preliminary “INVL Technology” 2025 operating results

    As of 31 December 2025, according to preliminary data, the equity and net asset value of “INVL Technology” amounted to EUR 64.6 million – 26% more than a year ago – and their value per share was EUR 5.4. The unaudited net profit of the company for 2025 amounted to EUR 13.3 million. Reported financial…

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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

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    *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].