NRD Companies: a global GovTech player
NRD Companies is a global group of GovTech and FinTech companies specializing in the design, development/build and operationalization of e-registers and government e-services. It has annual revenue of 11 million euros (in Y2023). With offices in Norway and Lithuania and over 100 employees, the company has delivered projects in more than 50 countries.
NRD Companies was born out of Norway Registers Development, a legal IT company founded in 1996, with its subsidiary NRD Systems, which INVL Technology acquired in 2011, and was formed after the acquisition of the FinTech company Etronika in 2015.
The acquisition of Norway Registers Development in 2011 was followed by geographical expansion, with a focus first on Sub-Saharan Africa and later on the Caribbean and Southeast Asia. There was also a build-up of capabilities, as NRD Systems developed a tax administration offering and Etronika’s expertise in finance and retail was extended with the creation of a government e-services offering.
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Key People
Legal Structure
Business Structure
Gross profit by business lines (millions of euros)
Number of employees by business lines
Revenue and Customer Map
Map of Operations and Services
Revenue split by geography (millions of euros)
Proprietary Software
NRD Companies proprietary software:
URP – a modular platform for building digital registries
GxP – a customer centric e-service provisioning and delivery platform
VFDMS – a virtual fiscal device management system
NRD Companies proprietary software with recurring revenue streams:
Banktron – a digital banking platform
Digital Loans – SME and retail loan management software
Kasu Retail – omnichannel retail automation software
Kasu Post – digital and hybrid postal services automation
Growth Targets for 2023-2028
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E-Registers
Accounting for 34% of gross profit, they are expected to show CAGR growth of
16%They are expected to make up 40% of gross profit in 2028 on the strength of the URP modular platform for building digital registries.
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Government E-Services
Accounting for 23% of gross profit, they are expected to show CAGR growth of
8%They are expected to make up 16% of gross profit in 2028 on the strength of the GxP e-service delivery platform.
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Consulting Services
Their share of gross profit is expected to reach in 2028 year
20%They have been introduced, starting in 2021, building on the strength of government e-services, registers and tax administration systems.
Accounting for 34% of gross profit, they are expected to show CAGR growth of
Accounting for 23% of gross profit, they are expected to show CAGR growth of
Their share of gross profit is expected to reach in 2028 year
Financial Performance
Customer Base
- Uganda Registration Services Bureau (UG)
- Rwanda Development Board (RW)
- BRELA (TZ)
- Centre of Registers (LT)
- International Financial Service Commission (BZ)
- Ministry of Finance, Economic Development, Investment, Commerce, Tourism and IT (AI)
- Registrar General's Department under the Ministry of Finance and Economic Development (MU)
- National Treasury (KE)
- Ministry of Finance and Planning (TZ)
- Cayman Islands Government (KY)
- Ministry of Innovation, Science & Smart Technology of Barbados (BB)
- National Land Service under the Ministry of Agriculture of the Republic of Lithuania (LT)
- Inter-American Development Bank and Ministry of Human Services and Social Security of Guyana (GY)
- Organization of Eastern Caribbean States (LC, DM, GD, VC)
- Delegation of the European Union (MK)
- Government of Senegal (SN)
- State Tax Inspectorate under the Ministry of Finance (LT)
- Zanzibar Revenue Board (TZ)
- Organization of Eastern Caribbean States (LC, DM, GD, VC)
- Luminor (LT)
- Šiaulių Bankas (LT)
- Medicinos Bankas (LT)
- Bank of Lithuania (LT)
- GPS Capital Markets (USA)
- Reitan Convenience (LT, LV, EE, FI)
- Kyrgyz Post (KG)
Notable Projects
In a complex 4-year project including the establishment of a political framework and the provision of management consulting services, NRD Companies will work alongside the World Bank to create a digital strategy for the country. It will include strategies and frameworks for designing and building systems, reengineering processes, establishing technical requirements, and supervising the selection of suppliers.
The project aims to improve the accessibility, efficiency, and resilience of selected administrative public services for citizens and businesses.
As part of an effort of the STI to improve the personal income tax declaration process, NRD Companies designed and implemented a new, user-friendly Personal Income Tax Return Wizard which enables individuals and businesses to easily declare income, expenses, and charitable donations. The objectives of this complex and challenging project were to simplify the process of submitting a tax declaration, reduce errors, and save time and effort for both payers and STI staff. The new solution also enabled the integration of data from other systems and increased overall user satisfaction.
The Personal Income Tax Return Wizard was recognized as the “Best Solution for the Country” and “Favourite of the Public” at the national World Summit Awards (WSA) competition.
This complex project integrated services of the Business and Property Registration Agency (BPRA), the Zanzibar Commission for Tourism (ZCT), the Zanzibar Investment Promotion Authority (ZIPA) and 47 licensing institutions under the lead of the Business Licensing Regulatory Council into one centralised government e-platform. The project included analysis of the current system, process reengineering, technical specification build, data centre and self-service centre build, onboarding and support.
The new system delivers the services of the BPRA, ZCT, ZIPA and 47 licensing agencies on one user-centric platform.
NRD Companies designed and built an e-service delivery and interoperability platform for the Government of Barbados - the Ministry of Innovation, Science & Smart Technology, allowing for the exchange of data and delivery of e-services.
Apart from the initial setup of the e-services bundle, which was based on NRD Companies' proprietary GxP platform, the project enabled the organizations to set up new services quickly and easily.
A unified companies registry (the Online Business Registry System) was created for Belize’s Financial Services Commission in a drive to integrate several legacy registers into one. The solution, based on NRD Companies' Unified Registry Platform, URP©, is the first digital registry service of its kind in Belize, delivering a better customer experience, improving transparency, and promoting accessibility.
Nearly 70,000 entities were migrated to the new system. The project gained instant global recognition and was selected as a WSIS Prize 2023 Champion.
Key Highlights
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1World's No.1 name in the digital transformation field of state registers.
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2Strong public and private sector customer base in more than 50 countries.
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3Proprietary software combined with consulting services is driving strong growth of the e-registers and government e-services business lines.
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4Financial stability is ensured by recurring revenue from the Tax Administration, Finance and Retail business lines as well as the profitable and rapidly growing consulting business.
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5A powerful brand with strong offerings that is driving national digital transformations in line with the UN Sustainable Development Goals and has been recognized internationally for its impact.