INVL Technology holding Novian group company seeks to acquire Elsis PRO

Novian Systems, part of the Novian group owned by the IT-business investment company INVL Technology, has signed agreements to acquire 100% of the shares of information systems and software developer Elsis PRO. Completion of the transaction is planned once permissions are obtained from Lithuania’s Competition Council and the Commission for Assessment of Conformity of Potential Participants to National Security Interests. Its value is not being made public.

Elsis PRO, a software and information systems development company established in 2004, is part of the information and communication technologies group Elsis. In 2020, Elsis PRO had revenue of EUR 2.6 million, an increase of 18.3% compared to 2019. Its EBITDA last year was EUR 275,000, or 2.2 times the previous year’s amount. Elsis PRO specializes in developing and implementing solutions for the aviation, transportation, energy, and public sectors. In 2020, 56% of its revenue was from projects carried out in European Union countries.

INVL Technology’s companies currently operate in three directions. Working in the area of business climate improvement and e-governance is the Norwegian company NRD Companies AS with its subsidiaries: Norway Registers Development AS of Norway with a subsidiary in Lithuania, NRD Systems UAB and Etronika UAB of Lithuania, Norway Registers Development Rwanda Ltd in Rwanda, NRD Bangladesh Ltd in Bangladesh, and the associate company Infobank Uganda Ltd in Uganda.

Working in the area of IT infrastructure and software services is the Novian group: Novian UAB in Lithuania with the technology business companies Novian Technologies UAB, Andmevara Services OU in Estonia and Andmevara SRL in Moldova, the software services companies Novian Systems UAB and Estonia’s Andmevara AS, and the digitization and media monitoring software provider Zissor AS of Norway. Operating in the area of cybersecurity is NRD Cyber Security UAB.

In July 2016, INVL Technology began to operate as a closed-end investment company. Its management was assumed by INVL Asset Management – a part of Invalda INVL, one of the leading asset management groups in the Baltics. INVL Technology will operate as a closed-end investment company until 14 July 2026.

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