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Norway Registers Development (NRD AS), a company controlled by ICT investment group INVL Technology, signed an agreement regarding an investment into Etronika, UAB, which develops electronic banking, mobile signature, electronic transport tickets, and retail software solutions.
NRD AS plans to invest into new share issue of Etronika, UAB and acquire 80 per cent of Etronika, UAB shares. Total investments, including loans to Etronika, UAB, will amount up to EUR 400 thousand.
Investment into Etronika, UAB corresponds to the strategy of INVL Technology, which acts as an IT investment fund. Etronika, UAB will be able to use INVL Technology IT competences and value development practices, - said Kazimieras Tonkūnas, CEO of INVL Technology and NRD AS.
According to him, the advantage of INVL Technology companies is that while leveraging their collective accumulated experience, they can expand into new markets. Products, reputation and potential of Etronika UAB will complement NRD AS portfolio and strengthen the sinergy between the companies.
„Our goal is to strenghten our sales capacity and develop activities globally, as after the bankruptcy of several banks in Lithuania, banking software market has shrunk significantly. INVL Technology opportunities, experience and developed sales channel in East Africa and Southeast Asia will open new growth opportunities for Etronika, UAB. We are certain that the sinergy of competences and practices will add value to both our clients and our employees", - said Kęstutis Gardžiulis, CEO of Etronika, UAB
Deal will be closed after obtaining permit of Lithuanian Competition council.
Etronika was one of the first in the world to implement the commercial mobile electronic signature solution, which is used by Lithuanian Centre of Registers and mobile operators. Company develops and implements modern electronic banking solutions, which received several international awards. Etronika for two years in a row has been selected as one of the most innovative European companies in the financial technology sector by FinTech50.
Revenue of Etronika, UAB, amounted to EUR 1.9 million in 2014, company employs more than 40 people. Among the clients of Etronika - DnB bank in Lithuania and Estonia, Šiaulių bankas, Medicinos bankas, Reitan Convenience in Lithuania and Estonia, R-Kioski in Finland and others.
INVL Technology - a company investing into IT businesses. The largest investments currently are BAIP, UAB, Norway Registers Development AS together NRD, UAB and NRD East Africa Ltd and specialized cyber security company NRD CS.
Norway Registers Development AS assists governments and institutions in building vital economy facilitating infrastructure. Over the past 18 years, NRD AS has successfully accomplished more than 110 projects in over 40 countries in Europe, Asia, Africa and Latin America.