INVL Technology, a company investing into IT businesses, completed reorganization. The company will now apply for a closed-end investment company licence at the Bank of Lithuania and aim to raise more than EUR 10 million for new investments.

On Monday, merger of INVL Technology and BAIP group, a company managed by INVL Technology was completed. The company continues operating in the market by the name of INVL Technology and is scheduled to be quoted on NASDAQ Vilnius Stock Exchange in March 2015. Trading in INVL Technology shares (a company which ceased its activities), was suspended from 29 January 2015 (inclusively).

The initial capitalisation of the company operating after the merger reached EUR 8.146 million. Recalculated price per share should reach EUR 1.33.

„After the merger of asset management and information technology businesses, the new company has taken over both competencies and all exeprience, intellectual capital, connections with science community and other value creation practices. We will now apply for a closed-end investment company licence issued by the Bank of Lithuania, and aim to raise more than EUR 10 million for new investments”, – commented director of INVL Technology Kazimieras Tonkūnas.

According to him, new capital will be invested in other information technology companies, operating in the Baltic States and Eastern Europe as well as current capacity building.

“Business to business sector in Europe is relatively steady, with high entrance barriers. Therefore, many professional, innovative companies face growth ceilings at their home markets. The advantage of the fund‘s companies is that they supplement each other. While leveraging their collective accumulated experience, they can expand into new markets. Balance of activities in developing and developed markets create preconditions for continuous growth while maintaining relatively low risk level. Therefore, we will continue expanding our operations in East Africa and Southeast Asia, and fund‘s companies will have access to new customers and human resources in these markets,”- said Mr Tonkūnas.

“Our goal is over 10 years developing each company so that the majority of them operate globally, have sustainable business models and are attractive for other strategic investors,” – said the new INVL Technology Director.

Main INVL Technology shareholders – A. Banys (5 percent) and a company controlled by him „LJB Investments“ (20 percent), Irena Ona Mišeikienė (19 percent), K. Tonkūnas (13,7 percent), „Invalda LT“ – 8,2 percent and „Lucrum investicija“ – 5 percent. In total, company has more than 3,5 thousand shareholders.

The largest investments are 100 percent of BAIP, a critical IT infrastructure services company, Norway Registers Development operating in Norway together with its Lithuanian information systems design and development company NRD, and specialized cyber security company NRD CS.

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For more information please contact:

Director

Kazimieras Tonkūnas

Email [email protected]