INVL Technology, a company that invests in IT businesses, had equity of EUR 23.51 million, or EUR 1.93 per share, at the end of the first half of this year. Equity per share was down 1.3% from the start of the year but rose 0.7% during the second quarter.
 
The company’s investments in the businesses it owns totalled EUR 19.7 million at the end of June, which is EUR 1.1 million less than at the start of the year mainly due to dividends paid out by some of the businesses.
INVL Technology’s net loss in the reporting period was EUR 306 000, while in the same period last year it had a profit of EUR 21 000.
 
“In the first half of this year most of the business holdings grew their incomes and profit and also signed many new contracts, especially in Bangladesh, a market that Algoritmų Sistemos has also entered. At the same time, the companies enlarged their palette of proprietary products,” said Kazimieras Tonkūnas, INVL Technology’s managing partner.
 
In Lithuania, the INVL Technology-owned business Etronika contributed to the creation of a mobile payment platform MoQ, while NRD Systems (UAB NRD) signed a new contract on further development of the State Tax Inspectorate’s Electronic Declaration System (EDS) and Algoritmų Sistemos signed a contract on the census of 2020. The companies also signed other agreements on the development and maintenance of information systems, IT infrastructure management and modernization, and cybersecurity enhancement.  
 
In Bangladesh, meanwhile, NRD CS signed a new contract on capacity building of the government’s cybersecurity incident response team (BGD e-GOV CIRT), and BAIP and Norway Registers Development AS signed one on the modernization of Bangladesh’s National Data Centre. NRD CS’s experts together with Oxford University’s Global Cyber Security Capacity Centre conducted a cybersecurity maturity assessment for Bangladesh.
 
Algoritmų Sistemos signed its first contract in Bangladesh, together with Norway Registers Development AS and NRD CS. They will advise on the country’s national cybersecurity strategy and create a critical information infrastructure protection strategy as well as a cyber-risk assessment framework for critical infrastructure. INVL Technology’s businesses were active in East Africa, especially Zanzibar, and in other countries.
 
Also, at the end of June this year INVL Technology repaid a loan from Luminor Bank together with the accrued interest. The loan was granted to the company last year to finance a business acquisition. In addition, INVL Technology, which continually assesses the value of its investment assets, plans to announce a tender for the purchase of such valuation services.
 
Performance of businesses
 
NRD Companies had revenue of EUR 3.56 million in the first half of this year, or 33% more than in the same period last year, while its EBITDA was EUR 295 000 and increased 88% versus the comparative period.
 
The revenues of BAIP and Acena in the first half of this year shrank 8.8% from the same period last year to EUR 4.7 million. Their EBITDA was EUR 58 000 and compared to the first half of 2017 decreased by more than five times (from EUR 329 000).
 
Algoritmų Sistemos’s revenue, meanwhile, grew 35% in the first half of this year compared to the same period of 2017 to EUR 1.2 million. Its EBITDA was EUR 17 000 (versus a negative EUR 14 000 last year).
 
Andmevara AS’s half-year revenue, compared to the same period last year, grew 17.3% to EUR 671 000, while its EBITDA was EUR 2 000 (versus a negative EUR 120 000 last year).
 
NRD CS’s first-half revenue this year more than doubled to EUR 1.5 million (compared to EUR 705 000 in the first half of last year). Its EBITDA increased 23% compared with the first half last year to EUR 65 000.
 
A previous division of INVL Technology’s business holdings into four operating areas was replaced this year by three functional groups: a business climate improvement and e-governance group (to which the NRD Companies group belongs), a cybersecurity group (to which NRD CS belongs), and an IT services and software group formed by combining operations in the areas of IT infrastructure and solutions for IT-intensive industries (including Novian, BAIP, Acena, Algoritmu Sistemos and Andmevara AS).
 
INVL Technology has invested in the Norwegian company Norway Registers Development AS with subsidiaries NRD UAB and Etronika UAB in Lithuania, Norway Registers Development East Africa Ltd in Tanzania, Norway Registers Development Rwanda Ltd in Rwanda and NRD Bangladesh Ltd in Bangladesh, and the associate company Infobank Uganda Ltd in Uganda. It has also invested in Novian UAB with subsidiaries BAIP UAB and Acena UAB as well as NRD CS UAB and Algoritmu Sistemos UAB, all in Lithuania, and Estonia’s Andmevara AS with subsidiary Andmevara SRL in Moldova.
 
On its receipt of a closed-end investment company license in July 2016, INVL Technology’s 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.