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.

Key People

Legal Structure

Business Structure

NRD Companies offerings are structured into 5 business lines: E-Registers, Government E-Services, Tax Administration, Finance, and Retail.

Gross profit by business lines (millions of euros)

Number of employees by business lines

Revenue and Customer Map

NRD Companies is a global group of companies operating and serving customers in the European Union, Sub-Saharan Africa, the Caribbean, Southeast Asia, and other regions.

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

NRD Companies targets CAGR revenues growth of 10%.
NRD Companies has identified three strategic areas for growth:
  • E-Registers

    Accounting for 34% of gross profit, they are expected to show CAGR growth of

    They are expected to make up 40% of gross profit in 2028 on the strength of the URP modular platform for building digital registries.
  • Government E-Services

    Accounting for 23% of gross profit, they are expected to show CAGR growth of

    They are expected to make up 16% of gross profit in 2028 on the strength of the GxP e-service delivery platform.
  • Consulting Services

    Their share of gross profit is expected to reach in 2028 year

    They have been introduced, starting in 2021, building on the strength of government e-services, registers and tax administration systems.

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)
Government E-Services
  • 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)
Tax Administration
  • 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

Key Highlights

  • 1
    World's No.1 name in the digital transformation field of state registers.
  • 2
    Strong public and private sector customer base in more than 50 countries.
  • 3
    Proprietary software combined with consulting services is driving strong growth of the e-registers and government e-services business lines.
  • 4
    Financial 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.
  • 5
    A 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.

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