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INVL Technology consolidates software companies

Written by Customer Service on . Posted in Public Companies.

INVL Technology, a company that invests in IT businesses, has consolidated companies in the Novian group that provide software services. At the completion of an internal transaction, Algoritmu Sistemos has acquired the business analytics and process automation company Acena from BAIP. Following this acquisition, software services within the Novian group will be provided by Algoritmu Sistemos, Andmevara AS and Acena.The transaction was carried out in keeping with a decision of the investment committee of INVL Technology of 11 February 2020. In the initial stage of formalising the transaction, Acena UAB’s fair value at 30 September 2019 of EUR 427,000 is being used. The transaction will be finalised using the fair value of Acena UAB at 31 December 2019, which will be determined when independent assessors perform a valuation of the businesses owned by the closed-end investment company INVL Technology. This transaction will not have an impact on the operating results of the closed-end investment company INVL Technology for the first quarter of 2020.The software companies Algoritmu Sistemos, Acena and Andmevara AS will work together and exchange know-how on tax administration, business analytics, process automation, machine learning, waste management, e-health, e-democracy, smart city, education, regulation and other areas. The companies’ clients will have access to the expertise and solutions of all the group’s companies.Additional information:INVL Technology, a company that invests in IT businesses, has consolidated companies in the Novian group that provide software services. With the completion of an internal transaction, Algoritmu Sistemos has acquired the business analytics and process automation company Acena from BAIP.Following this acquisition, software services within the Novian group will be provided by Algoritmu Sistemos, Andmevara AS and Acena. The transaction was carried out in keeping with a 11 February, 2020 decision of the investment committee of INVL Technology and at the company’s valuation as at 31 December 2019.“This change will enable a strengthening of the systems development area within the Novian group. Algoritmu Sistemos is an experienced software company and Acena specialises in the development of solutions for business analytics and process automation. These companies’ synergy will let us offer clients a wider range of solutions, namely for digital transformation and software development, which they’ll be able to choose based on their needs,” said Novian CEO Giedrius Cvilikas.According to Elena Vengrienė, Managing Director at Algoritmu Sistemos, this acquisition will open opportunities for closer collaboration, including also the recently acquired partners in Estonia, Andmevara AS. “There are already clients for whom solutions were developed together with Acena and earned extremely favourable assessments. We hope such cases will only multiply,” the manager said.After this change of shareholders, Acena will continue to serve existing clients, providing business analytics and process automation services that make it possible to adapt and react fast to the evolving business environment and improve employee productivity. Meanwhile, clients of Acena in Lithuania and Estonia that need more complex solutions will be able to draw on the experience of Algoritmu Sistemos more easily. The software company will offer a full package of services to permit rapid adaptation to market conditions or customer needs, i.e., to quickly create flexible solutions for specific tasks.The Novian group, working in the IT services and software area, also includes the IT services companies BAIP, Andmevara Services OU, Andmevara SRL and Zissor AS.At the end of 2019, INVL Technology completed a reorganisation of the Novian group and fully put in place a structure of three business directions at INVL Technology: business climate improvement and e-governance, IT services and software, and cybersecurity.In July 2016, INVL Technology began to operate as a closed-end investment company. Its management was assumed by INVL Asset Management – a part of Invalda INVL, one of the leading asset management groups in the Baltics. INVL Technology will operate as a closed-end investment company until 14 July 2026.The person authorized to provide additional information:
Kazimieras Tonkūnas
INVL Technology Managing Partner
E-mail  k.tonkunas@invltechnology.lt

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