Unaudited results of INVL Technology for 12 months of 2014
Vilnius, Lithuania, 2015-02-27 13:38 CET --
Unaudited net profit of INVL Technology amounted to LTL 5.1 million (EUR 1.47 million).
The financial statements cover the interim financial period of the company, starting from the company’s establishment date 29 April 2014 and ending on 31 December 2014, therefore there are no comparative data.
INVL Technology in the end of 2014 controlled 65.65 percent of shares of joint-stock company BAIP Group investing in IT companies. In February 2015 merger process of joint-stock company INVL Technology and joint-stock company BAIP Group was completed. Joint-stock company BAIP Group took over all the rights and duties of INVL Technology and continues its operations under the name of INVL Technology.
Profit came from the growth in value of investment in BAIP group. In the end of 2014 100 percent of BAIP group shares were valued LTL 33.5 million (EUR 9.70 million) while controlled 65.65 percent of shares – LTL 24.5 million (EUR 7.10 million). Valuation was performed using comparable multiples method using average enterprise value and earnings before interest tax depreciation and amortization (EBITDA) multiple 7.6 and applying 10 percent downward adjustment on the result due to the size of BAIP Group.
BAIP group consolidated income in 2014 grew by 14 percent to 57.8 million litas (16.74 million EUR), EBITDA – 34 percent to 5.98 million litas (1.73 million EUR) and net profit – 152 percent to 3.3 million litas (0.96 million EUR). The biggest INVL Technology investments currently are companies in Lithuania, Norway and Tanzania. It controls 100 percent of critical IT infrastructure service company BAIP, Microsoft solutions and licensing company Acena, consulting company Norway Registers Development AS together with informational systems creation services company NRD and its subsidiary in Tanzania East Africa Ltd and specialized cyber security company NRD CS. Controlled companies are operating in business climate improvement field, offer integrated national information system creation, critical IT infrastructure resistance, national cyber security and defence services in more than 50 countries around the world.
In 2014, the biggest projects of BAIP, UAB, managed by INVL Technology include: a cloud computing solution between Lithuania and Belarus (value of the project – EUR 0.65 million (LTL 2.247 million), magnetic tape libraries at the Bank of Lithuania, renewed for 0.5 million EUR (LTL 1.755 million) and National Open Access Research Data Archive MIDAS infrastructure design and implementation. The company also implemented Information Systems of Lithuanian Courts (LITEKO) actual and archival data separation and storage solution at the National Courts Administration (value – LTL 1.22 million (EUR 0.35 million). In Lithuania, the company also did projects with SEB bank, Western Union, DPD, “Mokilizingas”, “Litgrid”, „Intermedix Lietuva“, Central Mortgage Office, “Eurovaistinė”. UAB NRD provided ITIS_EU module "mini one-stop shop" design services and maintenance of the Excise information system at the State Tax Inspectorate under the Ministry of Finance of the Republic of Lithuania. The company also implemented Population Registry modernization project and signed a three-year modernization (development) and systems maintenance agreements with Central Mortgage Office.
Specialized cyber security company NRD CS established the first commercial Cybersecurity Incident Response Team in the Baltics - NRD CIRT which became a full member of an international organisation FIRST (the Forum of Incident Response and Security Teams). NRD CIRT is also a listed member of Trusted Introducer. In Africa, “INVL Technology” companies implemented the Burundi Central Bank data center modernization project as well as the development of Mozambique companies register, created by Norway Registers Development AS seven years ago. They also modernized IT infrastructure at the Central Bank of Zimbabwe, performed activities in Zimbabwe. In Tanzania and Norway the Norwegian Peace Corps (Fredskorpset Norway) funded staff exchange program took place, in Southeast Asia – Viet Nam Register project was finished.
Norway Registers Development East Africa Ltd., established in Tanzania, organized its annual conference "Cyber Defence East Africa 2014". The conference took place in September in Arusha and was attended by nearly 100 IT professionals from Tanzania, Uganda and Burundi. The event was opened by the Deputy Minister of Internal Affairs of Tanzania Pereira Ame Silima, presentations were made by the Tanzania Police Force Cyber Crime Unit, Tanzania national Computer Emergency Response Team (TZ-CERT) representatives, ISACA Tanzania and ISACA Uganda chapters presidents and cyber security experts from Lithuania, Croatia, Tanzania and Uganda. The conference was also attended by the representatives from the East African Community, the American and Russian embassies, Tanzanian public institutions, banks and private sector organizations.
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