Inventio, a subsidiary of investment in information technology businesses company INVL Technology, signed an agreement to acquire 100 per cent shares of information system development company Algoritmu sistemos.

The acquisition is expected to be completed in the first quarter of 2016, after the permits are issued by the Competition Council and the Commission for the evaluation of compliance of potential buyers to the national security interests. The value of the deal depends on Algoritmu sistemos financial results for 2015. Therefore, it will be revealed when the acquisition is completed.

“The solutions, developed by the company Algoritmu sistemos, accumulated professional knowledge, and experience of the team will organically complement and strengthen the cluster of INVL Technology managed companies. The company is stable, it has effective operational processes in place, and it actively invests in research and development as well as cooperation with academia. We believe that such synergy of values, competences and solutions with other INVL Technology managed companies will create a platform for successful growth of this company – both in Lithuania and frontier markets”, commented the director of INVL Technology Kazimieras Tonkunas. “For example, we see the potential of electronic elections systems, e-tax collection systems, e-health solutions and other public administration systems to be offered in East Africa as well as South and Southeast Asia”, said Mr Tonkunas.

The founder and the chairman of the Board of Algoritmu sistemos Rimgaudas Zaldokas will continue serving on the Board of the company. Current director of the company Elena Vengriene will remain in her position, too. There are also no other foreseen changes in the management or employees of the company.

“The company will continue implementing the ongoing projects and, utilizing the opportunities provided by the new shareholder structure, it will cooperate with other INVL Technology companies and expand into new markets. We expect that this will ensure steady long-term growth for the company”, commented Mr Zaldokas.

Algoritmu sistemos, UAB develops high quality, effective and reliable information systems and business process facilitating programs for large and medium-sized public organizations and enterprises. Main fields of company activity include: e-governance, e-health, finance, social security, environmental protection, transport management and education. The largest clients in Lithuania are the Central Election Commission, State Tax Inspectorate, the State Labor Inspectorate, the National Health Insurance Fund, the Bank of Lithuania, Vilnius University, Western Shipyard group of companies, and many others.

The revenue of Algoritmu sistemos in 2014 was EUR 2.267 million, the company had EUR 327 thousand net profit, and employs almost 60 people.