INVL Technology, a company that invests in information technology businesses, has signed a management agreement with INVL Asset Management and an agreement on depository services with SEB Bankas. The agreements will take effect when INVL Technology receives a closed-end investment company license.

On being issued the license by the Bank of Lithuania, INVL Technology will become similar to a fund in nature and its management will be assumed by asset management company INVL Asset Management – a part of Invalda INVL, one of the leading asset management groups in the Baltic countries.

INVL Technology’s investment period is planned to be 5 years from receipt of the license, while the total lifetime of the closed-end investment company will be 10 years (with extension possible for 2 additional years).

Currently the company continues seeking to effectively invest the EUR 10 million it raised in July 2015 for acquisitions. Having completed the acquisition of Algoritmų Sistemos in March of this year and the privatisation of Estonia’s Andmevara in April, the company continues actively looking for new acquisitions.

In 2015, INVL Technology had an audited net profit of EUR 2.51 million. The company’s equity capital as of 31 December 2015 was EUR 24.24 million, or EUR 1.99 per share.

INVL Technology operates as a cluster of IT businesses focused on sales to large corporate and government clients and active in four areas: business climate improvement and e-governance, IT infrastructure, cyber security, and solutions for IT intensive industries.  At present, INVL Technology’s largest investments consist of companies in Europe (Lithuania, Norway, Estonia and Moldova) and East Africa (Tanzania, Rwanda and Uganda).

The company has invested in: Norway Registers Development AS with its subsidiaries NRD UAB, Etronika UAB, Norway Registers Development East Africa Ltd., Norway Registers Development Rwanda Ltd. and Infobank Uganda Ltd.; BAIP UAB with its subsidiary Acena UAB; NRD CS UAB; Algoritmu Sistemos UAB; and Andmevara AS with its subsidiary Andmevara SRL.