In the beginning of March, the shareholders of investment in information technology businesses company INVL Technology will approve the company‘s transition to a closed-end investment entity.

New Articles of Association, administration agreement with INVL Asset Management UAB – a licensed asset management company, controlled by the subsidiary of one of the largest investment and asset management groups in Baltic countries Invalda INVL AB – and depository agreement with SEB Bank AB (as the custodian of INVL Technology AB assets) will be provided for approval at the Shareholders Meeting of INVL Technology AB on the 7^th March.

Planned term of closed-end investment company – 10 years (with an option to extend for 2 more years).

„The transition of INVL Technology to a closed-end investment company is our promise to the investors, given in 2015 when shares worth EUR 10 million have been issued. Upon receiving the new status, we will seek to invest the attracted capital during the next 5 years. Our goal is to grow the value of the managed companies, structure their exit and generate significant return for the shareholders”, commented Kazimieras Tonkunas, director of INVL Technology.

According to him, INVL Technology is currently actively looking for new acquisitions. The acquisition of information system development company Algoritmu sistemos is expected to be completed after the permits are issued by the Competition Council.

Upon receiving the closed-end investment company license, the activities of the company will be regulated by the Bank of Lithuania which provides additional protection to the investors.

INVL Technology operates as a cluster of B2B- and B2G-oriented IT businesses with a focus in four key areas: business climate improvement and e-governance, IT infrastructure, cyber security and IT intensive industries‘ solutions.

The largest INVL Technology investments currently are companies in Lithuania, Norway, Tanzania and Uganda: Norway Registers Development AS with subsidiaries NRD UAB, ETRONIKA UAB, NRD East Africa Ltd and Infobank Uganda Ltd, BAIP UAB with subsidiary Acena UAB and NRD CS UAB.

Current capitalisation of INVL Technology is EUR 22.6 million.