INVL Technology businesses grow on work in sub-Saharan Africa, South Asian markets

The equity capital of INVL Technology, a company that invests in IT businesses, was EUR 19.9 million, or EUR 1.64 per share, at the end of the first three quarters of this year. The latter figure increased 1.1 per cent from the start of the year.

The company’s investments in the businesses it owns totalled EUR 21.9 million at the end of September 2017 and increased by EUR 5.2 million from the start of the year. The change comprised EUR 5 million allocated for increasing the share capital of the newly established Nordic Cyber Security Oy by acquiring 77.35 per cent of the shares of the Finnish cybersecurity firm Deltagon Group Oy, and EUR 0.3 million of dividends paid out by Inventio UAB (which negatively impacted the value of investments), as well as EUR 0.54 million of growth in investment value due to the positive performance of business holdings. The company’s net profit for the first nine months of this year was EUR 214 000.

“In assessing the business holdings’ nine-month revenue trends, we see that the investments to-date and work in sub-Saharan African and South Asian markets are giving results. With the new acquisition in Finland, we’re strengthening our positions not only in the area of cybersecurity, but also in Northern European markets,” said Kazimieras Tonkūnas, Managing Partner for the closed-end investment company INVL Technology at INVL Asset Management.

NRD Companies, a global information technology and consulting group specialized in governance, digital economy infrastructure development and financial sector modernization, had revenue of EUR 4.27 million in three quarters of this year, similar to the same period of 2016 when revenue was EUR 4.24 million, while its EBITDA improved from a negative EUR 278 000 to a positive EUR 213 000.

Andmevara, which operates in Estonia and Moldova, had nine-month revenue of EUR 839 000 and a negative EBITDA of EUR 173 000. Since publication of the company’s data began on 1 May 2016, when control of the company was acquired, there are no comparable previous-year figures. From May to the end of September 2016, Andmevara’s revenue was EUR 569 000 and its EBITDA was a negative EUR 24 000.

The revenues of BAIP and Acena, which work in the area of IT infrastructure, grew 15.1 per cent in the first three quarters of this year compared to the same period last year and totalled EUR 8.14 million. Their EBITDA for the nine-month period more than doubled to EUR 491 000 (versus EUR 202 000 in the same period of 2016).

NRD CS, which operates in the area of cybersecurity, had revenue of EUR 1.78 million in January-September, which is almost double last year’s figure for the same period of EUR 893 000. Its EBITDA, meanwhile, increased 4.5 times, to EUR 235 000, from EUR 52 000 in nine months of 2016.

Algoritmu Sistemos, which works in the area of solutions for IT-intensive industries, in the first three quarters of this year had revenue of EUR 1.6 million and EBITDA of EUR 154 000. Since publication of the company’s data began on 1 April 2016, when control of the company was acquired, there are no comparable previous-year figures. From April to the end of September 2016, Algoritmu Sistemos had revenue of EUR 1.3 million and EBITDA of EUR 304 000.

Following INVL Technology’s acquisition in late September of a controlling stake in Deltagon Group Oy, which has offices in Finland and Sweden, INVL Technology businesses operate offices in 11 countries: Lithuania, Latvia, Estonia, Finland, Sweden, Norway, Moldova, Tanzania, Rwanda, Uganda and Bangladesh.

To date 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, NRD Bangladesh Ltd in Bangladesh, and the associated company Infobank Uganda Ltd in Uganda. It has also invested in BAIP UAB with its subsidiary Acena UAB as well as NRD CS UAB and Algoritmu Sistemos UAB, all in Lithuania, Estonia’s Andmevara AS with its subsidiary Andmevara SRL in Moldova, and Nordic Cyber Security Oy – established in September this year in Finland – with its subsidiary Deltagon Group Oy.

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.

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