Novian: a leading Baltic IT company

Novian is a leading Baltic software development, IT infrastructure, managed IT services and digitization company with annual revenue of 33 million euros (in 2022). With offices in 6 countries and its HQ in Vilnius, it employs more than 250 people and has delivered projects in almost 50 countries.

Formed in 2016 and born from BAIP, which was an IT reseller, when INVL Technology acquired it in 2007, Novian has reinvented itself as a software and managed IT services company. Key steps have included the acquisitions of Acena in 2008, Algoritmu Sistemos in 2016, and Elsis PRO in 2021.

Novian expanded its geography to cover the Baltics with the acquisition of Andmevara in 2016, and made inroads into the Nordics and boosted its digitization offering by acquiring Zissor in 2019.

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Key People

Tomas Vitkus

CEO of Novian and Novian Systems

Gytis Umantas

CEO of Novian Technologies and Novian Eesti OU

Rimvydas Jančiauskas

CEO of Novian Pro

Artūras Milašauskas

CEO of Zissor, Chief Innovation Officer at Novian Technologies

Asta Urmanavičienė

CEO of Andmevara SRL

Rokas Ralys

Head of Digital Transformation & Innovation at Novian

Paulius Vaitkevičius

Head of Innovations and Products at Novian Systems

Marius Žilinskas

Head of Sales and and Development at Novian Systems

Aušra Kibirkštienė

CFO&COO at Novian Technologies

Ieva Dunajevaitė -Narmontienė

Head of Communication and Marketing of Novian

Legal Structure

Company & Business Structure

Novian companies operate across 4 lines of business: software, IT infrastructure, managed IT services and digitization.

*Payroll and related costs are not included in cost of sales. In calculating the gross profit figure, direct wage costs were not included in the cost of sales.

Revenue structure in 2022 by line of business

Gross profit by line of business (millions of euros)*

*Payroll and related costs are not included in cost of sales. In calculating the gross profit figure, direct wage costs were not included in the cost of sales.

Number of employees by line of business

Geography & Sectors

Historically Novian was a Baltic company operating in the B2G sector. Over the years it has diversified its business into the European Economic Area and the B2B sectors.

Revenue split by geography, millions of euros
Revenue split by sector, millions of euros

*Excluding finance and aeronautics.

Revenue split by geography, millions of euros

Revenue split by sector, millions of euros

*Excluding finance and aeronautics.

Proprietary Software & Methodologies

Novian proprietary software includes:

Masis – Novian Systems’ municipal tax management software

Atris – Novian Systems’ waste management software

PRO.Risks – Novian Pro’s risk management software

SHIFT – Novian Pro’s ATCO rostering software

Galaxy – Novian Pro’s nanosatellite communication software

Zissor’s Media Monitoring software

Zissor’s Archive Digitization software

Zissor’s PDF-to-Article Conversion software

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Novian proprietary methodologies include:

CIMF – Novian Technologies’ critical IT infrastructure and database maintenance methodology

MigrITIS – Novian Technologies’ IT infrastructure and IS migration methodology

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Growth Targets for 2022-2027

Novian targets:

CAGR revenue growth of

13%
share of gross profit for recurring SaaS and managed IT services of at least

28%

CAGR revenue growth of

13%

share of gross profit for recurring SaaS and managed IT services of at least

28%

Novian's strategic areas for company value growth:

Software business

EBITDA CAGR growth of

79%
Digitization

EBITDA CAGR growth of

38%
HPC and cloud computing

Gross profit CAGR growth of

17%

on the back of governments’ digitalisation and environment protection projects

Software business

EBITDA CAGR growth of

79%

Digitization

EBITDA CAGR growth of

38%

HPC and cloud computing

Gross profit CAGR growth of

17%

on the back of governments’ digitalisation and environment protection projects

Financial Performance

Novian (thousands of euros)***

Group Results

	2017	2018	2019	2020	2021	2022	CAGR ’17-’22	CAGR ’22-’27*
Revenue	15,776	20,317	23,492	24,113	25,826	33,035	16%	13%
Gross profit****	6,398	7,828	8,564	8,628	10,382	12,968	15%	16%
EBITDA**	791	1,138	1,556	1,788	1,725	1,522	15%	30%
EBIT	282	584	755	996	814	489	13%	54%

	Revenue	Gross profit****	EBITDA**	EBIT
2017	15,776	6,398	791	282
2018	20,317	7,828	1,138	584
2019	23,492	8,564	1,556	755
2020	24,113	8,628	1,788	996
2021	25,826	10,382	1,725	814
2022	33,035	12,968	1,522	489
CAGR ’17-’22	16%	15%	15%	13%
CAGR ’22-’27*	13%	16%	30%	54%

*Growth estimates.
**IFRS 16 was adopted from 2019, which affected the amount of EBITDA, therefore the EBITDA for the periods 2017-2018 and 2019-2022 is not directly comparable.
***Results of newly acquired companies are included from the year of acquisition, i.e. the figures present both organic and acquisition-based growth. Negative impact derived from group structuring process is not eliminated.
****In calculating the gross profit figure, direct wage costs were not included in the cost of sales.

Novian (thousands of euros)*

Recurrent IT services

	2017	2018	2019	2020	2021	2022	CAGR ’17-’22	CAGR ’22-’27**
Revenue	4,252	4,725	4,644	4,373	4,957	5,055	4%	14%
Gross profit***	2,262	2,259	2,943	2,917	3,564	3,600	10%	17%

	Revenue	Gross profit***
2017	4,252	2,262
2018	4,725	2,259
2019	4,644	2,943
2020	4,373	2,917
2021	4,957	3,564
2022	5,055	3,600
CAGR ’17-’22	4%	10%
CAGR ’22-’27**	14%	17%

*Results of newly acquired companies are included from the year of acquisition, i.e. the figures present both organic and acquisition-based growth. Negative impact derived from group structuring process is not eliminated.
**Growth estimates.
***In calculating the gross profit figure, direct wage costs were not included in the cost of sales.

Novian (thousands of euros)***

Software business

	2017	2018	2019	2020	2021	2022	CAGR ’17-’22	CAGR ’22-’27*
Revenue	3,705	4,300	3,845	3,747	7,108	8,173	17%	16%
Gross profit****	2,774	3,512	3,430	3,448	5,102	6,012	17%	19%
EBITDA**	164	349	262	261	602	136	-4%	79%

	Revenue	Gross profit****	EBITDA**
2017	3,705	2,774	164
2018	4,300	3,512	349
2019	3,845	3,430	262
2020	3,747	3,448	261
2021	7,108	5,102	602
2022	8,173	6,012	136
CAGR ’17-’22	17%	17%	-4%
CAGR ’22-’27*	16%	19%	79%

Novian (thousands of euros)***

IT infrastructure business

	2017	2018	2019	2020	2021	2022	CAGR ’17-’22	CAGR ’22-’27*
Revenue	8,038	11,038	14,702	15,556	13,427	19,373	19%	11%
Gross profit****	1,535	1,785	2,315	2,368	1,805	2,865	13%	11%
EBITDA**	82	307	402	411	420	1,121	69%	7%

	Revenue	Gross profit****	EBITDA**
2017	8,038	1,535	82
2018	11,038	1,785	307
2019	14,702	2,315	402
2020	15,556	2,368	411
2021	13,427	1,805	420
2022	19,373	2,865	1,121
CAGR ’17-’22	19%	13%	69%
CAGR ’22-’27*	11%	11%	7%

*Growth estimates
**IFRS 16 was adopted from 2019, which affected the amount of EBITDA, therefore the EBITDA for the periods 2017-2018 and 2019-2022 is not directly comparable.
***Results of newly acquired companies are included from the year of acquisition, i.e. the figures present both organic and acquisition-based growth. Negative impact derived from group structuring process is not eliminated.
****In calculating the gross profit figure, direct wage costs were not included in the cost of sales.

Novian (thousands of euros)***

Managed IT services

	2017	2018	2019	2020	2021	2022	CAGR ’17-’22	CAGR ’22-’27*
Revenue	4,012	4,557	4,218	4,044	4,139	4,022	0%	14%
Gross profit	2,066	2,126	2,404	2,345	2,642	2,968	8%	16%
EBITDA**	541	391	872	1,095	555	180	-20%	49%

	Revenue	Gross profit	EBITDA**
2017	4,012	2,066	541
2018	4,557	2,126	391
2019	4,218	2,404	872
2020	4,044	2,345	1,095
2021	4,139	2,642	555
2022	4,022	2,968	180
CAGR ’17-’22	0%	8%	-20%
CAGR ’22-’27*	14%	16%	49%

Novian (thousands of euros)***

Digitization business

	2017	2018	2019	2020	2021	2022	CAGR ’17-’22	CAGR ’22-’27*
Revenue	22	422	726	765	1,152	1,467	132%	18%
Gross profit****	22	404	414	467	832	1,123	120%	12%
EBITDA**	5	91	19	21	148	83	79%	38%

	Revenue	Gross profit****	EBITDA**
2017	22	22	5
2018	422	404	91
2019	726	414	19
2020	765	467	21
2021	1,152	832	148
2022	1,467	1,123	83
CAGR ’17-’22	132%	120%	79%
CAGR ’22-’27*	18%	12%	38%

See full financial statements

Customer Base

Public sector

Ministry of Finance (LT)
Lithuanian State Data Agency (LT)
Center of Registers (LT)
Kyrgyz Post (KG)

Tax administration

State Tax Inspectorate (LT)
Burundian Revenue Authority (BI)
Rwanda Revenue Authority (RW)
41 municipalities in Lithuania (LT)

Environment

West African Science Service Centre on Climate Change and Adapted Land Use (BF)
Ministry of Environment (LT)
3 regional waste management centres (LT)
South African Development Community (SA)

Health and social care

National Health Insurance Fund (LT)
States Medicine Control Agency (LT)

Finance

National Bank of Rwanda (RW)
SEB (LT, LV, EE)
Swedbank (LT, LV, EE)
Nasdaq Baltic (LT)

Retail

Iki (LT)
Rimi (LT)
Norfa (LT)
Maxima (LT, EE)

Logistics

LTG Lietuvos Gelezinkeliai (LT)
DPD (LT)

Aerospace

ADB Safegate (AT)
Eurocontrol (BE)
Oro Navigacija (LT)
European Space Agency (BE)

Media

Cision (UK)
Alma Media (FI)

Notable Projects

Lithuanian population and housing census digitalization

A new information system using data from 19 key state registers and information systems enabled 5 specialists to fully handle the 2021 census compared to 6,000 interviewers in 2011.

Vilnius University high-performance computing devices’ cluster

A unique new computing cluster increased performance tenfold to allow for quantum computer modelling and quantum algorithm development.

Nanosatellite data transmission and management platform

A system specifications and technology plus high-level architecture to support nanosatellites’ communication with each other and ground stations.

Integrated air traffic analysis and management system

A system that automatically schedules air traffic controller work using artificial intelligence and big data solutions, resulting in more flights serviced with the same resources, and fewer flight delays while ensuring safe air navigation.

System for 24/7 large-scale monitoring of newspaper and magazines

In production since 2000, with article recognition, metadata extraction, keyword searches and other features.

Key Highlights

1

Software developer for the aerospace and defence industries – a supplier to the European Defence Agency, the European Space Agency, Eurocontrol and others.
2

At the forefront of the transition from monolithic to flexible IT solutions – containers and microservices.
3

One of the world's leading technology providers in media monitoring and library digitization.
4

Robust capabilities in high performance and cloud computing platforms for governments and environmental protection.
5

Management team with an exceptional track record and decades of experience in the industry.

Software developer for the aerospace and defence industries – a supplier to the European Defence Agency, the European Space Agency, Eurocontrol and others.

At the forefront of the transition from monolithic to flexible IT solutions – containers and microservices.

One of the world's leading technology providers in media monitoring and library digitization.

Robust capabilities in high performance and cloud computing platforms for governments and environmental protection.

Management team with an exceptional track record and decades of experience in the industry.

Want to Know More?

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Visit the Novian's website