20/04/2016 10:58:54

INVL TECHNOLOGY ACQUIRED 100 PER CENT OF ESTONIAN ANDMEVARA FOR EUR 664.6 THOUSAND

Vilnius, Lithuania, 2016-04-20 11:58 CEST (GLOBE NEWSWIRE) --

Investment in information technology businesses company INVL Technology on 20th April, 2016 acquired 100 per cent of shares in Estonian IT company Andmevara from Estonian Ministry of the Interior for EUR 664.6 thousand.

Before the transaction, Estonian state paid out EUR 1.25 million in dividends and related taxes.

A significant part of Andmevara‘s business (processing of Estonian Population Registry) was spun-off from the Company in the beginning of 2016 and is not a part of the acquisition. Company‘s revenue in 2015 (before the spin-off) was EUR 3.433 million and net profit amounted to EUR 348 thousand.

Andmevara is a complex IT solutions and services provider to public sector organisations with expertise in e-Government solutions that include development of registries, important national information systems and software, digitisation, database development and hosting services. The Company was formed in 1997 based on a former governmental organisation Riigiarvutuskeskus, the history of which dates back to 1970.

Andmevara actively contributes to implementation of Estonian E-Government project, offers several ready-made software products to municipal and governmental institutions, and mostly serves Estonian public sector organisations. From 2002 until 2015, the Company processed the Estonian Population Registry, which was transferred to the Ministry of the Interior IT and Development Centre (SMIT) in 2016, as a part of the effort to consolidate certain IT functions of the State.

Andmevara has a subsidiary company in Moldova.

         The person authorized to provide additional information:

         Kazimieras Tonkūnas

         Director

         E-mail: k.tonkunas@invltechnology.lt

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