INVL Technology
INVL Technology has released a presentation to be used in meetings with investors.
Additional Information:
INVL Technologies, which invests in IT businesses, had a net asset value of 43.95 million euros at the end of June this year, up 1% from the beginning of the year. The company's net asset value per share, or NAV, is 3.6658 euros, up 1.7% from the beginning of the year.
INVL Technology posted an unaudited net profit of €620,000 in the first half of 2024, compared with a loss of €440,000 in the same period last year.
“We continue to actively prepare for the sale of INVL Technology's portfolio companies NRD Cyber Security, Novian and NRD Company, which operate in the fields of cybersecurity, artificial intelligence and the development and deployment of supercomputers and information systems. These companies are performing well and are leaders in their respective markets, known for their IT know-how and highly qualified professionals. We therefore believe that the sale of INVL Technology's companies will attract the interest of international and regional investors,” said Kazimieras Tonkūnas, Managing Partner at INVL Technology.
Performance of INVL Technology's Portfolio Companies
INVL Technology's portfolio companies generated total revenue of €27.34 million in the first half of the year, down 6% year-on-year. Gross profit increased 7.2% in the same period to €8.74 million, while total EBITDA increased 2.2 times to €2.28 million.
In the first six months of this year, the companies’ revenues in Lithuania amounted to 17.47 million euros (64% of total revenues) and revenues abroad amounted to 9.86 million euros.
INVL Technology owns and controls cybersecurity company NRD Cyber Security, GovTech company NRD Companies and Baltic IT company Novian.
According to INVL Technology's managing partner, the companies expect strong performance for the full year 2024.
“We expect NRD Cyber Security to maintain its growth pace and profitability. Novian's signed and planned contracts and ongoing projects will enable the company to catch up and exceed its 2023 revenues in the second half of the year. The return to profitability also supports strong performance in the full year 2024. We expect NRD Companies' profits and profitability to continue growing after a significant jump in 2023,” said Kazimieras Tonkūnas.
NRD Cyber Security, which also owns NRD Bangladesh, saw its consolidated revenues grow 32.4% year-on-year to EUR 3.64 million in the first half of 2024. The company's gross profit grew 13.9% year-on-year to EUR 1.91 million and EBITDA increased 42.3% to EUR 570,000 in the same period.
The story continues
NRD Companies' consolidated sales for January to June were €5.02 million, down 19.4% compared to the first half of 2023, and consolidated gross profit was €2.49 million, roughly in line with €2.48 million for the six months of 2023. NRD Companies group EBITDA increased 3.9% to €590,000. Based in Norway, NRD Companies has subsidiaries Norway Registers Development in Norway (with a branch in Lithuania), as well as NRD Systems and Etronika in Lithuania.
Novian's total revenue in the first half of 2024 was €16.43 million, 11.1% lower than in the first half of 2023, while gross profit increased to €3.75 million, 11.3% higher than in the same period last year. Novian Group's EBITDA for January to June increased to €1.12 million, 5.5 times higher than in the same period in 2023. The group consists of Novian in Lithuania and technology business Novian Technologies, Zissor in Norway, Novian Eesti in Estonia, Andmevara in Moldova, Norway Registers Development Rwanda in Rwanda, and the Lithuanian software and services businesses Novian Systems and Novian Pro.
In mid-March this year, the company announced that it had signed an agreement with the Zurich branch of Corum Group International, the Luxembourg-based division of Corum Group, an M&A intermediation services provider, to provide advice and M&A intermediation on the sale of its business portfolio.
INVL Technology, managed by INVL Asset Management, a leading alternative asset manager in the Baltic States, is a closed-end investment company that must exit its investments and distribute the proceeds to shareholders by mid-July 2026.
Persons authorized to provide additional information:
Kazimieras Tonkunas
Managing Partner of INVL Technology
Email: [email protected]
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