INVL Technology holding Novian group company seeks to acquire Elsis PRO
14 Septiembre 2021 - 8:01AM
INVL Technology holding Novian group company seeks to acquire Elsis
PRO
Novian Systems, part of the Novian group owned by the
IT-business investment company INVL Technology, signed agreements
to acquire 100% of the shares of information systems and software
developer Elsis PRO. Completion of the transaction is planned once
permissions are obtained from Lithuania’s Competition Council and
the Commission for Assessment of Conformity of Potential
Participants to National Security Interests. Its value is not being
made public.
Elsis PRO, a software and information systems development
company established in 2004, is part of the information and
communication technologies group Elsis. In 2020, Elsis PRO had
revenue of EUR 2.6 million, an increase of 18.3% compared to 2019.
Its EBITDA last year was EUR 275,000, or 2.2 times the previous
year’s amount. Elsis PRO specializes in developing and implementing
solutions for the aviation, transportation, energy, and public
sectors. In 2020, 56% of its revenue was from projects carried out
in European Union countries.
Additional information:
Novian Systems, part of the Novian group owned by the
IT-business investment company INVL Technology, is buying the
information systems and software developer Elsis PRO. The
agreements to that effect were signed on 14 September. The value of
the transaction to acquire 100% of the company’s shares is not
being made public. It will take effect once permissions are
obtained from Lithuania’s Competition Council and the Commission
for Assessment of Conformity of Potential Participants to National
Security Interests.
“This acquisition will expand the Novian group’s software
development competencies in aviation, transport, energy and other
fields. Our plan is for the group’s software services companies to
continue operating independently after the transaction is
completed, though at the same time we expect synergies with them in
larger projects in European Union and NATO countries,” said Evaldas
Rėkus, the CEO of the Novian group.
Elsis PRO’s growth will be ensured by its existing team of
professionals and managers. The company’s current chairman, Arūnas
Gedvila, will continue to serve on its board and the CEO will be
Rimvydas Jančiauskas. Joining the board, it is planned, will be
INVL Technology Managing Partner Kazimieras Tonkūnas, Artūras
Zdanavičius, who is the head of the INVL Technology group’s finance
company FinTime, and Evaldas Rėkus, who along with the Novian group
also heads Novian Systems and Andmevara AS.
Established in 2004, Elsis PRO currently is part of the Elsis
group. The company had revenue of EUR 2.6 million in 2020, an
increase of 18.3% compared to 2019. Elsis PRO’s EBITDA last year
was EUR 275,000, or 2.2 times the amount the year before. Of its
2020 revenue, 56% was from abroad. Elsis PRO has created solutions
and products in the fields of aviation and risk management, is
doing a project with partners at the Hong Kong airport, and in
Lithuania is conducting projects at the Finance Ministry, the
Financial Crime Investigation Service, and the State Tax
Inspectorate.
The Novian IT infrastructure and software services group had
aggregated revenue of EUR 24.1 million in 2020, or 2.6% more than
in 2019. Its aggregated EBITDA was EUR 1.8 million and grew 14.9%
compared to 2019. The Novian group’s net profit last year,
excluding nonrecurring and atypical losses in the value of
investments, was EUR 0.6 million and increased 54.5% from the
previous year. Novian operates in the Baltic countries, Norway and
Moldova. This year the group’s companies are carrying out projects
in 32 countries of the world.
The person authorized to provide additional information:
Kazimieras Tonkūnas
INVL Technology Managing Partner
E-mail k.tonkunas@invltechnology.lt
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