News from INVL Technology managed companies: NRD Companies Reports 6% Revenue Increase in 2020

NRD Companies has reported a 6% revenue increase in 2020—from €6,6 million in 2019 to almost €7 million last year. EBITDA (earnings before interest, taxes, depreciation, and amortization) increased by 3.5 times, from €166.000 to €602.000.

The group, which provides IT solutions for the public, financial and retail sectors, also reports that it has succeeded in significantly expanding the geography of its projects. Last year, the company carried out projects in 27 countries around the world, while over the last three years it has worked in a total of 37 countries.

NRD Companies has also entrenched in the Caribbean market. Revenue from this region grew by 40% compared to 2019. In 2020, the group implemented several projects in the region, including developing a strategy, an action plan, and a concept for a unique digital identification system for the Organization of Eastern Caribbean States (OECS)—Grenada, Dominica, Saint Lucia, and Saint Vincent and the Grenadines. Meanwhile, in Anguilla, the group prepared a strategy for the implementation of a digital business register, aiming to facilitate local business expansion and help attract foreign investment. In Barbados, the company implemented an e-government service delivery platform, facilitating access to government services for citizens and businesses.

NRD Companies revenue increased in Africa as well: aggregated revenue grew by 61% as the group continued working on ongoing and new projects. For example, together with Private Sector Foundation Uganda, NRD Companies devised a digital transformation plan aimed at streamlining microfinance supervision and regulation processes for Uganda Microfinance Regulatory Authority.

“A healthy relationship between the private and public sectors, as well as listening to citizens’ interests is becoming increasingly important both in promoting financial inclusion and opening access to vital public services,” said Mindaugas Glodas, CEO at NRD Companies. “All of the group’s projects are aimed at closing the digital divide and helping emerging economies to develop more sustainably.”

“For example, last year we prepared a digital identity management system implementation strategy for the Samoan government, which will allow its citizens to access public services, while at the same time enabling the government to save on operating costs of serving citizens. The system will also allow citizens to acquire one of the fundamental human rights—the right to be recognized as a person in a state governed by the rule of law. It will also help achieve the UN’s Sustainable Development Goals, mainly the one calling for providing a legal identity for all, including newborns, by 2030.”

NRD Companies also reports that it has strengthened its tax administration systems implementation and consulting business line. Revenue from the implementation of the tax administration and tax collection system VFDMS, as well as the implementation of personal income tax declaration systems and other related projects increased by 37%, compared to 2019. VFDMS solution has attracted the attention of countries seeking to revitalize the economy by lowering entry barriers for new businesses. Revenue from creating and implementing public and civil registers, as well as consulting governments, grew by 49%.

In addition to the aforementioned technological solutions for states and public institutions, the group also contributes to the digitization of national post offices and develops innovative products and solutions for banks, lending institutions, and retailers.

NRD Companies also carries out projects in Lithuania. Its personal income tax return wizard was recognized as the “Best Solution for Lithuania”, also winning the “Audience Favorite” award in the “Naujasis knygnešys 2020” competition, which selects the best IT solutions to represent Lithuania in the prestigious WORLD SUMMIT AWARDS WSA awards.


NRD Companies is a global IT and consulting group of companies, specializing in governance and economic digital infrastructure development. Headquartered in Norway, the group unites companies operating in Fintech, GovTech and practice-based consulting areas in aiding countries to reach UN sustainable development goals. NRD companies have a successful track record of implementing projects, such as e-service delivery platforms, national post digitalization, tax administration platforms and other digital solutions, in all 5 continents. The Group is a recognized leader in the industry and is controlled by the INVL Technology UTIB.

NRD Companies is a parent company for the following subsidiary corporations: Norway Registers Development AS, NRD Systems, NRD Rwanda, NRD Bangladesh, ETRONIKA, Infobank Uganda. More information:

The person authorized to provide additional information:
Kazimieras Tonkūnas
INVL Technology Managing Partner
E-mail [email protected]


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