INVL Technology - Notification on material event

INVL TECHNOLOGY ACQUIRED 100 PER CENT OF ESTONIAN ANDMEVARA FOR EUR 664.6 THOUSAND

Vilnius, Lithuania, 2016-04-20 11:58 CEST (GLOBE NEWSWIRE) -- Investment in
information technology businesses company INVL Technology on 20th April, 2016
acquired 100 per cent of shares in Estonian IT company Andmevara from Estonian
Ministry of the Interior for EUR 664.6 thousand. 

Before the transaction, Estonian state paid out EUR 1.25 million in dividends
and related taxes. 

A significant part of Andmevara‘s business (processing of Estonian Population
Registry) was spun-off from the Company in the beginning of 2016 and is not a
part of the acquisition. Company‘s revenue in 2015 (before the spin-off) was
EUR 3.433 million and net profit amounted to EUR 348 thousand. 

Andmevara is a complex IT solutions and services provider to public sector
organisations with expertise in e-Government solutions that include development
of registries, important national information systems and software,
digitisation, database development and hosting services. The Company was formed
in 1997 based on a former governmental organisation Riigiarvutuskeskus, the
history of which dates back to 1970. 

Andmevara actively contributes to implementation of Estonian E-Government
project, offers several ready-made software products to municipal and
governmental institutions, and mostly serves Estonian public sector
organisations. From 2002 until 2015, the Company processed the Estonian
Population Registry, which was transferred to the Ministry of the Interior IT
and Development Centre (SMIT) in 2016, as a part of the effort to consolidate
certain IT functions of the State. 

Andmevara has a subsidiary company in Moldova.


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