INVL Technology businesses’ revenues boosted by supercomputing and national postal service transformation projects

The equity of INVL Technology, a company that invests in IT businesses, was EUR 27.496 million, or EUR 2.26 per share, at the end of the third quarter of this year and decreased 1.9% from the start of the year. The value of INVL Technology’s investments in the businesses it owns was EUR 24.6 million at the end of September, which is 1.5% more than at the start of the year.
 
The company’s net loss for the first three quarters of 2019 was EUR 0.53 million; in the same period last year it had a profit of EUR 0.1 million. INVL Technology’s net asset value (NAV) at the end of the third quarter this year was EUR 27.496 million, while NAV per share was EUR 2.2583.
 
“In three quarters of this year, the aggregated revenues of the companies that INVL Technology owns continued to grow. The figure reached nearly EUR 23 million and grew by almost 20% compared to the same period of 2018. Group company projects in the areas of supercomputers and national postal service transformation made a big contribution to these results,” said Kazimieras Tonkūnas, INVL Technology’s managing partner.
 
He said the profitability of business holdings was influenced by one-time costs in creating a structure for the Novian group focused on client needs as well as by the reorganisation of NRD Companies that was completed in the first half of the year. Also significant were investments by the companies that are owned to increase their competencies in the area of tax administration systems – that is expected to have a big impact on growth in value in future.
 
Work is also continuing this year to establish INVL Technology as a group of companies operating in three areas. “We’re currently finishing the reorganisation of the IT services and software businesses, which will operate as the Novian group,” Kazimieras Tonkūnas said. It is planned that already next year, the completion of that work will put fully in place the structure of three business directions that INVL Technology has been forming since the start of 2018: IT services and software, business climate improvement and e-governance, and cybersecurity.
 
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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