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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 8 million euros (in Y2022). 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

Mindaugas Glodas
Group CEO
Ieva Tarailienė
Head Of Registry Practice
Tomas Šeikus
Chief Business Development Officer
Ieva Žilionienė
Head Of Consulting
Agnė Gruodytė
Head of HR
Gediminas Dundulis
CFO
Andrius Kaikaris
COO
Jūratė Venskevičiūtė - Bučienė
CMO
Aurelijus Juozapavičius
CEO of NRD Systems
Arnoldas Jankūnas
Chief Digital Solutions Officer
Andrius Kusas
CEO of ETRONIKA
Michailas Traubas
Head of e-Payment Solutions

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

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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

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Growth Targets for 2022-2027

NRD Companies targets CAGR revenues growth of 13%.
NRD Companies has identified three strategic areas for growth:
  • E-Registers

    Accounting for 26% of gross profit, they are expected to show CAGR growth of

    18%
    They are expected to make up 38% of gross profit on the strength of the URP modular platform for building digital registries.
  • Government E-Services

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

    17%
    They are expected to make up 37% of gross profit on the strength of the GxP e-service delivery platform.
  • Consulting Services

    Their share of gross profit is expected to reach

    20%
    They have been introduced, starting in 2021, building on the strength of government e-services, registers and tax administration systems.
E-Registers

Accounting for 26% of gross profit, they are expected to show CAGR growth of

18%
They are expected to make up 38% of gross profit on the strength of the URP modular platform for building digital registries.
Government E-Services

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

17%
They are expected to make up 37% of gross profit on the strength of the GxP e-service delivery platform.
Consulting Services

Their share of gross profit is expected to reach

20%
They have been introduced, starting in 2021, building on the strength of government e-services, registers and tax administration systems.

Financial Performance

NRD Companies (thousands of euros)
Group Results
2019 2020 2021 2022 CAGR
’19-’22		 CAGR
’22-’27*
Revenue 6,596 6,989 6,347 8,079 7% 13%
Gross profit 4,516 5,004 5,160 5,892 9% 14%
EBITDA 166 602 297 207 8% 61%
Revenue Gross profit EBITDA
2019 6,596 4,516 166
2020 6,989 5,004 602
2021 6,347 5,160 297
2022 8,079 5,892 207
CAGR
’19-’22		 7% 9% 8%
CAGR
’22-’27*		 13% 14% 61%
*Growth estimates
NRD Companies (thousands of euros)
E-Registers
2019 2020 2021 2022 CAGR
’19-’22		 CAGR
’22-’27*
Revenue 941 1,168 1,187 2,423 37% 18%
Gross profit 755 1,004 1,040 1,502 26% 23%
Revenue Gross profit
2019 941 755
2020 1,168 1,004
2021 1,187 1,040
2022 2,423 1,502
CAGR
’19-’22		 37% 26%
CAGR
’22-’27*		 18% 23%

 

*Growth estimates
NRD Companies (thousands of euros)
Government E-Services
2019 2020 2021 2022 CAGR
’19-’22		 CAGR
’22-’27*
Revenue 1,919 1,695 2,180 2,538 10% 17%
Gross profit 1,111 1,225 1,464 1,975 21% 16%
Revenue Gross profit
2019 1,919 1,111
2020 1,695 1,225
2021 2,180 1,464
2022 2,538 1,975
CAGR
’19-’22		 10% 21%
CAGR
’22-’27*		 17% 16%
*Growth estimates
NRD Companies (thousands of euros)
Tax Administration
2019 2020 2021 2022 CAGR
’19-’22		 CAGR
’22-’27*
Revenue 1,989 2,735 1,360 1,149 -17% 6%
Gross profit 1,130 1,568 1,235 977 -5% -1%
Revenue Gross profit
2019 1,989 1,130
2020 2,735 1,568
2021 1,360 1,235
2022 1,149 977
CAGR
’19-’22		 -17% -5%
CAGR
’22-’27*		 6% -1%
*Growth estimates
NRD Companies (thousands of euros)
Finance
2019 2020 2021 2022 CAGR
’19-’22		 CAGR
’22-’27*
Revenue 1,299 1,039 1,216 1,371 2% 3%
Gross profit 1,179 977 1,067 1,076 -3% 5%
Revenue Gross profit
2019 1,299 1,179
2020 1,039 977
2021 1,216 1,067
2022 1,371 1,076
CAGR
’19-’22		 2% -3%
CAGR
’22-’27*		 3% 5%
*Growth estimates
NRD Companies (thousands of euros)
Retail
2019 2020 2021 2022 CAGR
’19-’22		 CAGR
’22-’27*
Revenue 448 352 404 597 10% 9%
Gross profit 342 230 354 362 2% 9%
Revenue Gross profit
2019 448 342
2020 352 230
2021 404 354
2022 597 362
CAGR
’19-’22		 10% 2%
CAGR
’22-’27*		 9% 9%
*Growth estimates
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Customer Base

E-Registers
  • 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)
Finance
  • Luminor (LT)
  • Šiaulių Bankas (LT)
  • Medicinos Bankas (LT)
  • Bank of Lithuania (LT)
  • GPS Capital Markets (USA)
Retail
  • Reitan Convenience (LT, LV, EE, FI)
  • Kyrgyz Post (KG)

Notable Projects

Sint Maarten government digital transformation

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.

State Tax Inspectorate of Lithuania online declaration wizard

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.

Zanzibar government e-services expansion

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.

Barbados government e-services delivery and interoperability 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.

Belize Companies and Corporate Affairs Registry

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

  • 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.
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.
  • 1

Want To Know More?

Need more information about NRD Companies?
Visit the NRD Companies website