Home Insights

INVL Tech to…

INVL Tech to open businesses in Bangladesh

Share This Article

Companies controlled by INVL Technology, which invests in IT businesses, are expanding international activities. The NRD group of companies, which already last year began implementing projects in Bangladesh, and the cybersecurity firm NRD CS in October of this year started the process of registering the new NRD Bangladesh Ltd, completion of which is planned by year-end. Once this new firm is established, companies controlled by INVL Technology will have representation in nine of the world’s countries. To date they have a corporate presence in Lithuania, Latvia, Estonia, Moldova, Norway, Tanzania, Rwanda and Uganda.

‘We’re continuing the active investment phase, seeking to invest in national-level businesses based in European countries and promote the globalisation of their operations, thus creating opportunities for business expansion and market diversification to increase their value. Expansion and investments also reflect in the company’s nine-month results, which relate to the projects of the businesses we control,’ said Kazimieras Tonkunas, Managing Partner for UTIB INVL Technology at INVL Asset Management.

The company’s portfolio of directly or indirectly controlled firms currently includes 16 businesses which this year have conducted projects in 15 countries, providing services to a variety of state and commercial institutions, banks, law enforcement structures and other organisations. Focused on global business expansion, the group’s companies have developed sales partnerships in South Asia (in Bangladesh, Bhutan and Cambodia), Eastern and Southern Africa (in Tanzania, Burundi, the Kingdom of Lesotho, Uganda and Rwanda), Mauritius, and Europe (in Estonia, Norway, Denmark, Latvia, Moldova) and elsewhere.

According to INVL Technology’s nine-month results which were published today, the company’s net asset value at 30 September 2016 was EUR 23.65 million, or EUR 1.9425 per share. Since the start of the year, this value has been influenced by the costs of restructuring, expansion of controlled businesses and reduced public-sector demand for IT services in the Baltic countries, and decreased by 2.4 per cent compared to the book value of shares at the end of 2015.

The company’s investments totalled EUR 20.45 million at the end of the third quarter and in nine months increased by EUR 3.49 million. The change was mainly due to the acquisitions of Andmevara and Algoritmu Sistemos in the first half of the year and investments in the capital of owned businesses. Due to the investments made, the company’s cash and cash equivalents shrank from EUR 6.99 million to EUR 3.3 million in January-September. The company’s net loss for the period was EUR 592 thousand.

The fair value of the businesses controlled by INVL Technology at the end of the third quarter of 2016 was assessed by adjusting the independent valuation that UAB Deloitte Verslo Konsultacijos performed at the end of 2015 by the total amount of net profit earned or losses sustained and pay-outs to shareholders during the assessment period.

INVL Technology operates as a cluster of IT businesses focused on sales to large corporate and public sector clients and active in four main areas: business climate improvement and e-governance, IT infrastructure, cybersecurity and solutions for IT intensive industries.

INVL Technology has invested in the Norwegian company Norway Registers Development AS with subsidiaries NRD UAB and Etronika UAB in Lithuania, Norway Registers Development East Africa Ltd in Tanzania, Norway Registers Development Rwanda Ltd in Rwanda and associated company Infobank Uganda Ltd in Uganda. It has also invested in BAIP UAB with its subsidiary Acena UAB, NRD CS UAB and Algoritmu Sistemos UAB, all in Lithuania, and Estonia’s Andmevara AS with its subsidiary Andmevara SRL in Moldova. Calculations show that the companies controlled by INVL Technology have more than 300 employees.

Upon its receipt of a closed-end investment company (UTIB) license in July this year, INVL Technology’s management was assumed by INVL Asset Management – a part of Invalda INVL, one of the leading asset management groups in the Baltics.

Source: http://www.bdreports24.com/invl-tech-open-businesses-bangladesh/



Share This Article