Most of INVL Technology’s businesses improved their results in the first quarter this year

The equity of INVL Technology, a company that invests in IT businesses, was EUR 27.7 million, or EUR 2.27 per share, at the end of the first quarter of this year, and decreased 1.2% from the start of the year. The company’s equity at the end of 2018 was EUR 28 million, or EUR 2.3 per share.
 
The value of the company’s investments in the businesses it owns was EUR 24 million at the end of March, down 0.9% from the start of the year (from EUR 24.2 million at the end of 2018). The company’s net loss for the first quarter was EUR 0.3 million, less than last year’s loss of EUR 0.46 million for the same period. Meanwhile, INVL Technology’s net asset value at the end of the first quarter this year was EUR 27.7 million and its NAV per share was EUR 2.2746.
 
“While market cycles also influenced start-of-the-year results, most of the businesses we own began the year increasing their revenue and improving their EBITDA,” said Kazimieras Tonkūnas, INVL Technology’s managing partner. Assessment of the businesses’ aggregated non-consolidated revenues in the first quarter shows this year they grew nearly 59% compared to the same period last year, to EUR 7.8 million.
 
Based on the published unaudited first-quarter companies’ results, NRD Companies, which operates in the area of business climate improvement and e-governance, had revenue of EUR 1.7 million in the first quarter this year, or 18.5% more than in the same period last year, while its EBITDA was a negative EUR 3 000 (versus a positive EUR 105 000 in the first quarter last year).
 
The first-quarter revenues of BAIP and Acena, which belong to the IT services and software group company Novian, increased 2.2 times compared to the same period of 2018 to EUR 4.25 million, while their EBITDA was EUR 128 000 (versus a negative EUR 46 000 in the first quarter last year).
 
Algoritmu Sistemos’s revenue in the first quarter was EUR 0.48 million and compared to the same period last year fell 9%. The company’s EBITDA for the period was a negative EUR 63 000; in the same period last year it was a negative EUR 36 000.
 
The Andmevara companies’ revenue for the first quarter was EUR 0.3 million and increased 23.3% from the same period last year. Their EBITDA was a negative EUR 50 000, versus a negative EUR 61 000 in the first quarter of 2018.
 
NRD CS, which belongs to the cybersecurity group, achieved revenue of EUR 0.76 million in the first quarter of 2019, increasing it 2.5 times compared to the first quarter of 2018. Its EBITDA was EUR 0.14 million, compared to a negative EUR 80 000 in the same period last year.
 
Moreover, at the start of April this year INVL Technology acquired the Norwegian company Zissor, which provides media monitoring and digitization software development and services, for EUR 0.62 million. The transaction was completed through the company Novian, which owns 100% of the shares of Zissor. It is thought that the acquisition will enable the Novian group to strengthen its position on the Scandinavian markets and will also bring synergies with other INVL Technology group businesses, first of all Andmevara of Estonia.
 
INVL Technology has invested in the Norwegian company Norway Registers Development AS with a subsidiary in Lithuania, NRD Companies AS of Norway with subsidiaries NRD Systems UAB and Etronika UAB in Lithuania, Norway Registers Development East Africa Ltd in Tanzania, Norway Registers Development Rwanda Ltd in Rwanda and NRD Bangladesh Ltd in Bangladesh, and the associate company Infobank Uganda Ltd in Uganda. INVL Technology’s portfolio of businesses also includes Novian UAB with subsidiaries BAIP UAB and Acena UAB in Lithuania, Norway’s Zissor AS, as well as Algoritmu Sistemos UAB, Estonia’s Andmevara AS and Andmevara Services OU with subsidiary Andmevara SRL in Moldova, and NRD CS UAB.
 
In July 2016, INVL Technology began to operate as a closed-end investment company. Its managementwas 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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