Investment in information technology businesses company INVL Technology Shareholders approved the results for 2015 as well as the new wording of the Articles of Association, related to the transition to a special closed-ended type private capital investment company.

During 2015, INVL Technology had an audited net profit of EUR 2.51 million. Equity of the Company as of 31 December 2015 was EUR 24.24 million or EUR 1.99 per share.

„The Shareholders of INVL Technology decided not to pay the dividends because the company is still in the investment stage – we seek to engage the 10 million euros attracted in July 2015 for new acquisitions”, commented the director of INVL Technology Kazimieras Tonkunas.

According to him, after successfully completing the acquisition of Algoritmu sistemos in March as well as the privatisation of Estonian Andmevara in April, INVL Technology is actively looking for new acquisitions.

Upon receiving the closed-end investment company license that INVL Technology has applied for, the company would become similar to a fund. Planned term of the investment period is 5 years after the license is obtained, while the entire term of closed-end investment company – 10 years (with an option to extend for 2 more years).

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 Europe (Lithuania, Norway, Estonia, Moldova) and East Africa (Tanzania, Rwanda and Uganda): Norway Registers Development AS with subsidiaries NRD UAB, ETRONIKA UAB, Norway Registers Development East Africa Ltd, Norway Registers Development Rwanda Ltd. and Infobank Uganda Ltd, BAIP UAB with subsidiary Acena UAB, NRD CS UAB, Algoritmu sistemos UAB, and Andmevara AS with subsidiary Andmevara SRL.