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.
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:
INVL Technology Managing Partner