Additional information:

INVL Technology, a company that invests in IT businesses, had equity of EUR 34 million at the end of 2020, or EUR 2.77 per share. Equity per share increased 16.46% during the year. The value of INVL Technology’s financial assets at the end of the reporting period was EUR 32.65 million and increased EUR 6.74 million in the year. The company’s 2020 net profit, after revaluation of assets and provisions, was EUR 4.8 million, while its earnings per share was EUR 0.39.

The aggregated revenues of the businesses INVL Technology owns grew 6% in 2020 to EUR 36.6 million (from EUR 34.5 million in 2019). Aggregated EBITDA rose 37% to EUR 2.99 million (versus EUR 2.18 million in 2019).

The global events of 2020 impacted the performance of the companies INVL Technology owns unequally. Compared to the previous year, the biggest contributor to their EUR 2.1 million increase in sales was projects implemented in Lithuania. Revenue from such projects accounted for 62% of all the businesses’ revenues, or EUR 22.6 million, and compared to 2019 grew by EUR 3.1 million or 16%.

“In 2020, INVL Technology managed to achieve its main objectives – the reorganization of the Novian group and firming up of the structure of three business areas it has been forming since 2018. In terms of the results achieved by the business holdings, growth in the companies’ value was also ensured by a strengthening of strategic partnerships, international operations and consolidation that was carried out,” said Kazimieras Tonkūnas, INVL Technology’s managing partner.

The biggest contribution to revenue growth in Lithuania came from the Novian group, which increased such revenue by EUR 2.9 million, or 20%, to EUR 17.2 million. Sales in foreign markets were increased most by NRD Companies; they totalled EUR 6.4 million in 2020 and compared to 2019 rose by EUR 1.5 million or 31%.

In total, INVL Technology’s companies conducted projects in 54 countries in 2020 for 38% of their revenue, with 62% earned in Lithuania. New countries where activities were carried out include Portugal, Serbia, Anguilla, Afghanistan, Saint Lucia, Senegal, Nigeria and Kenya.

INVL Technology contributed to societal change with its projects in 2020

INVL Technology, a company that invests in IT businesses, had equity of EUR 34 million at the end of 2020, or EUR 2.77 per share. Equity per share increased 16.46% during the year. The value of INVL Technology’s financial assets at the end of the reporting period was EUR 32.65 million and increased EUR 6.74 million in the year. The company’s 2020 net profit, after revaluation of assets and provisions, was EUR 4.8 million, while its earnings per share was EUR 0.39.

The aggregated revenues of the businesses INVL Technology owns grew 6% in 2020 to EUR 36.6 million (from EUR 34.5 million in 2019). Aggregated EBITDA rose 37% to EUR 2.99 million (versus EUR 2.18 million in 2019).

The global events of 2020 impacted the performance of the companies INVL Technology owns unequally. Compared to the previous year, the biggest contributor to their EUR 2.1 million increase in sales was projects implemented in Lithuania. Revenue from such projects accounted for 62% of all the businesses’ revenues, or EUR 22.6 million, and compared to 2019 grew by EUR 3.1 million or 16%.

“In 2020, INVL Technology managed to achieve its main objectives – the reorganization of the Novian group and firming up of the structure of three business areas it has been forming since 2018. In terms of the results achieved by the business holdings, growth in the companies’ value was also ensured by a strengthening of strategic partnerships, international operations and consolidation that was carried out,” said Kazimieras Tonkūnas, INVL Technology’s managing partner.

The biggest contribution to revenue growth in Lithuania came from the Novian group, which increased such revenue by EUR 2.9 million, or 20%, to EUR 17.2 million. Sales in foreign markets were increased most by NRD Companies; they totalled EUR 6.4 million in 2020 and compared to 2019 rose by EUR 1.5 million or 31%.

In total, INVL Technology’s companies conducted projects in 54 countries in 2020 for 38% of their revenue, with 62% earned in Lithuania. New countries where activities were carried out include Portugal, Serbia, Anguilla, Afghanistan, Saint Lucia, Senegal, Nigeria and Kenya.

INVL Technology contributed to societal change with its projects in 2020

In developing and deploying their products all over the world, the companies that INVL Technology owns contribute to economic well-being and cyber security in the countries where they operate and bolster citizens’ trust in their countries. Solutions which the companies develop help to undertake a range of reforms and projects of national significance related to population registers, safer banking systems and automated solutions.

High-performance computing solutions that the Novian group company Novian Technologies has deployed in more than ten countries of Southern Africa enable extremely high-speed analysis of large volumes of atmospheric, oceanic, geological, and flora and fauna data, broken down by time period and other factors, for use modelling climate changes in the region. That information helps prepare for possible natural disasters and significantly reduce their impact.

Novian Systems developed software which modernised the census data subsystem of Lithuania’s integrated statistical information system. As a result, data from 19 main government registers and information systems can be used to conduct the 2021 population and housing census. Under the new approach, the country’s 2021 census can be carried out by five specialists, whereas in the past 6,000 interviewers were needed.

In the 2020 Naujasis Knygnešys competition, which identifies top IT solutions to further represent Lithuania in the prestigious UN-sponsored World Summit Awards, a solution developed by the NRD Companies subsidiary NRD Systems and its partners – a personal income tax declaration wizard – won in two categories. It was recognized as the “The Best Solution for Lithuania” and “The Public’s Favourite”. The solution has already started helping people in the country declare their income easily and intelligently, saving time and avoiding mistakes.

During the pandemic that struck last year, companies owned by INVL Technology contributed to bringing the situation under control. “Our company NRD Systems, together with its partners, helped set up a temporary Covid-19 call centre, while Novian Technologies (BAIP) offered free antivirus software installation and licences for all Lithuanian healthcare institutions,” Tonkūnas said.

NRD Cyber Security last year conducted projects with the Central Bank of Nigeria, the European Investment Bank (EIB), and Sierra Leone’s National Revenue Authority. Together with the United Nations Office for Project Support (UNOPS), it is consulting on and assessing the Republic of Serbia's cybersecurity ecosystem. And with researchers at Vilniaus Kolegija University of Applied Sciences it is developing a unique system for monitoring and analysing the information space.

NRD Cyber Security is one of Europe’s two Centres of Excellence for Cyber Security for the 2019-2022 cycle and last year successfully delivered a training course on “Building and Managing Cybersecurity Teams” for public and private-sector participants from Nigeria, Croatia, Poland, Romania, Estonia and Lithuania. It has developed a advanced technical CSIRT training course to be taught at national CSIRTs in various countries, and in collaboration with the European Union Agency for Cybersecurity (ENISA) has published a set of recommendations titled “How To Setup CSIRT and SOC”. The publication offers results-driven guidance on establishing and improving computer security incident response teams.

Tonkūnas notes that INVL Technology works closely with researchers, giving great attention on the process of scientific advancement and the development of ideas. That is why for years now INVL Technology together with the ICT Industry Association INFOBALT and the Lithuanian Academy of Sciences has been awarding prizes to young scientists for the best scientific work on information and communication technologies.

Seventeen group companies operate in three business directions

INVL Technology’s companies now operate in three directions. Working in the area of business climate improvement and e-governance is the Norwegian company NRD Companies AS with its subsidiaries: Norway Registers Development AS of Norway with a Lithuanian subsidiary, NRD Systems UAB and Etronika UAB of Lithuania, Norway Registers Development Rwanda Ltd in Rwanda, NRD Bangladesh Ltd in Bangladesh, and the associate company Infobank Uganda Ltd in Uganda.

Working in the IT services and software area is the Novian group: Novian UAB in Lithuania with the technologies companies Novian Technologies UAB, Andmevara Services OU in Estonia and Andmevara SRL in Moldova, with the software services companies Novian Systems UAB and Estonia’s Andmevara AS, and with the digitization and media monitoring software provider Zissor AS of Norway. Operating in the area of cybersecurity is NRD CS UAB.

In July 2016, INVL Technology began to operate as a closed-end investment company. Its management was assumed by INVL Asset Management – a part of Invalda INVL, one of the leading asset management groups in the Baltics. INVL Technology will operate as a closed-end investment company until 14 July 2026.

The person authorized to provide additional information:
Kazimieras Tonkūnas
INVL Technology Managing Partner
E-mail [email protected]

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