Vilnius, Lithuania, 2016-03-21 08:04 CET (GLOBE NEWSWIRE) -- Inventio, a subsidiary of investment in information technology businesses company INVL Technology, acquired 100 per cent shares of information system development company Algoritmu sistemos for EUR 2.385 million.
The acquisition was completed on 18th March 2016, after the permits had been issued by the Competition Council and the Commission for the evaluation of compliance of potential buyers to the national security interests. To finance the transaction INVL Technology will increase share capital of Inventio, UAB to EUR 2.395 million by additional contributions.
In 2015, revenue of Algortmu sistemos increased by 22 per cent and reached EUR 2.768 million, while net profit increased by 18 per cent and reached EUR 386 thousand.
The founder and the chairman of the Board of Algoritmu sistemos Rimgaudas Zaldokas will continue serving on the Board of the company together with INVL Technology representatives Vytautas Plunksnis and Vida Juozapaviciene, who were also elected to the Board. Current director of the company Elena Vengriene will remain in her position, too. There are also no other foreseen changes in the management or employees of the company.
Algoritmu sistemos, UAB develops high quality, effective and reliable information systems and business process facilitating programs for large and medium-sized public organizations and enterprises. Main fields of company activity include: e-governance, e-health, finance, social security, environmental protection and education. The largest clients in Lithuania are the State Tax Inspectorate under the Ministry of Finance, the State Labor Inspectorate, the National Health Insurance Fund under the Ministry of Health, the State Enterprise Centre of Registers, the Bank of Lithuania, Vilnius University, the Western Shipyard Group, and many others.
The person authorized to provide additional information:
Kazimieras Tonkūnas
Director
E-mail: k.tonkunas@invltechnology.lt