Norway Registers Development (NRD AS), a company controlled by ICT investment group INVL Technology, for EUR 200 thousand acquired 80 per cent of Etronika, UAB shares. Etronika develops electronic banking, mobile signature, electronic transport tickets, and retail software solutions.

The deal, during which Norway Registers Development acquired the new share issue of Etronika, UAB, was closed on Friday.

Representatives of INVL Technology Nerijus Drobavičius and Vida Juozapavičienė as well as one of the co-founders of Etronika Jonas Šulcas were elected to the board of Etronika. Kęstutis Gardžiulis, current CEO of Etronika, remains in this position and will continue to lead the company. 

“The areas that Etronika operates in are very attractive. We particularly appreciate products and solutions developed by Etronika and now will seek to return the company to the path of profitable growth” – said Kazimieras Tonkūnas, the Director of INVL Technology and the Chairman of the Board of NRD AS.

According to him, INVL Technology also intends to acquire other IT companies. “Recently we have successfully completed EUR 10 million new share issue placement and these funds will be allocated for new acquisitions” – said Kazimieras Tonkūnas.

“Our goal is to strengthen our sales capacity and develop activities globally, as after the bankruptcy of several banks in Lithuania, banking software market has shrunk significantly. INVL Technology opportunities, experience and developed sales channel in East Africa and Southeast Asia will open new growth opportunities for Etronika, UAB. We are certain that the synergy of competences and practices will add value to both our clients and our employees”, – said Kęstutis Gardžiulis, CEO of Etronika, UAB

Etronika was one of the first in the world to implement the commercial mobile electronic signature solution, which is used by Lithuanian Centre of Registers and mobile operators. Company develops and implements modern electronic banking solutions, which received several international awards. Etronika for two years in a row has been selected as one of the most innovative European companies in the financial technology sector by FinTech50.

Revenue of Etronika, UAB, amounted to EUR 1.9 million in 2014, company employs 40 people. Among the clients of Etronika – DnB bank in Lithuania and Estonia, Šiaulių bankas, Medicinos bankas, Reitan Convenience in Lithuania and Estonia, R-Kioski in Finland and others.

INVL Technology – a company investing into IT businesses. The largest investments currently are BAIP, UAB, Acena, UAB, Norway Registers Development AS together with NRD, UAB and NRD East Africa Ltd and specialized cyber security company NRD CS.