INVL Technology - Notification on material event

INVL Technology completed Etronika acquisition

Vilnius, Lithuania, 2015-07-27 07:00 CEST (GLOBE NEWSWIRE) -- Norway Registers
Development (NRD AS), a company controlled by ICT investment group INVL
Technology, for EUR 200 thousand acquired 80 per cent of Etronika, UAB shares.
Etronika develops electronic banking, mobile signature, electronic transport
tickets, and retail software solutions. 

The deal, during which Norway Registers Development acquired the new share
issue of Etronika, UAB, was closed on Friday. 

Representatives of INVL Technology Nerijus Drobavičius and Vida Juozapavičienė
as well as one of the co-founders of Etronika Jonas Šulcas were elected to the
board of Etronika. Kęstutis Gardžiulis, current CEO of Etronika, remains in
this position and will continue to lead the company. "The areas that Etronika operates in are very attractive. We particularly
appreciate products and solutions developed by Etronika and now will seek to
return the company to the path of profitable growth" - said Kazimieras
Tonkūnas, the Director of INVL Technology and the Chairman of the Board of NRD
AS. "Our goal is to strengthen 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 synergy of competences
and practices will add value to both our clients and our employees“, - said
Kęstutis Gardžiulis, CEO of Etronika, UAB 

Revenue of Etronika, UAB, amounted to EUR 1.9 million in 2014, company employs
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. 


         The person authorized to provide additional information:
         Kazimieras Tonkūnas
         Director
         E-mail: k.tonkunas@invltechnology.lt