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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

  • Presentation of INVL Technology
    2026-04-07
    Presentation of INVL Technology

    INVL Technology announces a presentation that will be used for the meetings with investors. Additional information: INVL Technology, an investment company focused on IT businesses, generated EUR 13.3 million in audited net profit last year — a 1.6-fold increase compared to 2024. The company’s audited net asset value (NAV) stood at EUR 64.6 million as…

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  • Announcement of the net asset value of INVL Technology as of 31 December 2025
    2026-04-07
    Announcement of the 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 net asset value of the Company was EUR 64,624,072 or EUR 5.4013 per share on 31 December 2025.

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  • Audited results of INVL Technology of 2025
    2026-04-07
    Audited results of INVL Technology of 2025

    On December 31, 2025, the equity and the net asset value of INVL Technology amounted to EUR 64.6 million, which is 26% more than a year earlier. The per share value of its equity and NAV was EUR 5.4013. The company had a net profit last year of EUR 13.3 million. The annual information is…

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  • 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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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
  • The term has been extended for a period of two years.
2028
2028
  • Exit

Contact Us

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

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