On Thursday, IT investment company INVL Technology shareholders approved the results for 2014.

INVL Technology’s equity at the end of 2014 amounted to EUR 11.921 million, or EUR 1.96 per share, according to audited data. Due to revaluation of investments at fair value, net profit of INVL Technology amounted to EUR 9.3 million.

“In 2015 we expect an increase in value and capacity of controlled companies as well as regional expansion. In addition, we intend to apply for closed-end investment company license, issued by the Bank of Lithuania and to place EUR 21.7 million new share issue. We are also actively looking for new acquisitions”, – said Director of INVL Technology K. Tonkunas.

According to him, NASDAQ Vilnius listed INVL Technology will be acting as a private equity fund investing in IT companies which should be attractive to current and prospective shareholders.

The shareholders of INVL Technology decided to allocate the net profit to a reserve for shares buy-back. This possibility would be used if INVL Technology share price on the stock exchange was significantly lower than its fair value.

Companies managed by INVL Technology consistently improved their results in 2014. Revenues of the companies, controlled by INVL Technology, increased by 14 per cent in 2014 and reached EUR 16.7 million. Earnings before interest, tax, amortization and depreciation (EBITDA) – increased by 39 per cent to EUR 1.8 million. Currently, the most significant investments of INVL Technology are companies in Lithuania, Norway, Tanzania and Uganda – NRD Group, operating in the field of business climate improvement and e-governance, critical IT infrastructure services company BAIP and cyber security company NRD CS. Companies operate as a cluster and implement common projects in more than 50 countries worldwide.