Novian’s consolidated revenue increased 2.4% in 2024 to EUR 38.9 million
The Novian IT group’s consolidated revenue in 2024 amounted to EUR 38.9 million and grew 2.4% compared to 2023. The group’s EBITDA for the 12-month period was EUR 2.57 million and was 2.1 times the previous year’s figure. The operating profit for last year was EUR 1.5 million, or 14.3 times the amount in 2023.
Novian last year earned most of its revenue – 59% – from activities related to IT solutions, with another 24% coming from software development and 17% from IT services. Its companies conducted operations in 37 countries, earning 77% of their revenue in Lithuania, 12% elsewhere in Europe, and 11% in other countries of the world.
“We are pleased with last year’s results, which again show that the success of an IT business depends not just on experience and the application of relevant innovations but also work together with clients to create innovations. I am grateful to the team, which has contributed to this,” says Tomas Vitkus, the CEO of the Novian group.
He says that, looking forward, the priority areas for Novian’s work include not only projects for national institutions and businesses, but also defence projects, artificial intelligence and high-performance computing solutions to address the challenges of climate change, and potential applications of quantum technologies.
“In the context of the digital era, with Lithuania and Europe actively considering ways to strengthen their defences, advanced technological and programming solutions that leverage artificial intelligence and other innovations should be among the top priorities for the country and the region. We are confident that Novian’s experience and know-how can be useful, and we are ready to contribute to projects in this area,” Vitkus says.
In the area of software services, the past year stood out not only for the creation of modern national-level information systems, but also for advanced defence, aviation and space projects carried out together with European partners.
Novian has undertaken a wide range of defence projects since as far back as 2004. In 2024 alone, Novian took part in a total of seven defence projects funded by the European Commission. This year it is continuing four such projects: PEONEER (implementing Activity Based Intelligence to complement geo-spatial activities), SESIOP (enhancing the interoperability of military Air C2 systems and integrating Single European Sky rules), FIRES 2 (developing next generation ammunition), and ODINS’ EYE 2 (developing a European space-based missile early warning system).
Another project currently underway is HIPSTER, which is developing an innovative software solution for effectively identifying, analysing and resolving hybrid threats. Using advanced OSINT, SocMINT, NLP, and AI technologies, HIPSTER will automatically detect threats and deploy countermeasures to prevent potential damage. The project is linked to EU initiatives.
“In the area of IT solutions and services, last year stood out for new public sector cloud computing architecture and procurement consulting projects in African countries. We also expanded our business client portfolio by offering IT infrastructure services and introduced high-performance computing solutions for weather forecasting and climate change modelling,” notes Gytis Umantas, the CEO of Novian Technologies. He says the company has played an active role too in creating a quantum technology ecosystem in Lithuania. Early this year, guidelines for the development of quantum technologies in Lithuania were presented, setting out the priorities and opportunities in that field.
Also noteworthy with regard to innovations is Novian’s membership of a consortium for implementing the Massachusetts Institute of Technology (MIT) International Science and Technology Initiatives Programme (MISTI) in Lithuania. The consortium signed a cooperation agreement with MIT in early 2025. In the course of this project, Novian aims to expand the uses of AI-related innovations, to create technologies for increasing public safety and resilience and for using high-performance computing to combat climate change, and to develop quantum technologies.
According to an independent valuation carried out by the financial consultancy Deloitte Verslo Konsultacijos, the fair value of the Novian group at the end of 2024 was almost EUR 22 million and was 11.7% higher than at the end of 2023. This figure reflects not only the financial performance of the group’s companies, but also the estimated one-off impact that could arise if there is an adverse court decision regarding the contract for a project undertaken by the group company Novian Systems to provide modernisation services for the Central Public Procurement Information System.
The Novian group consists of Novian Technologies, Novian Systems and Novian Pro in Lithuania, Novian Eesti of Estonia, Andmevara of Moldova, Zissor of Norway, and Novian Rwanda of Rwanda. The Novian group’s results for 2024 are based on the audited results of Novian Technologies, Novian Systems, Novian Pro, and Zissor, and the unaudited results of the group’s other companies. The Novian group is owned by INVL Technology, a company that invests in IT businesses.
The person authorized to provide additional information:
Kazimieras Tonkūnas
INVL Technology Managing Partner
E-mail k.tonkunas@invltechnology.lt
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