INVL Technology - Notification on material event

INVL Technology will acquire 100 percent shares of Algoritmu sistemos

Vilnius, Lithuania, 2015-12-22 08:30 CET (GLOBE NEWSWIRE) -- Inventio, a
subsidiary of investment in information technology businesses company INVL
Technology, signed an agreement to acquire 100 per cent shares of information
system development company Algoritmu sistemos. 

The acquisition is expected to be completed in the first quarter of 2016, after
the permits are issued by the Competition Council and the Commission for the
evaluation of compliance of potential buyers to the national security
interests. The value of the deal depends on Algoritmu sistemos financial
results for 2015. Therefore, it will be revealed when the acquisition is
completed. 

The founder and the chairman of the Board of Algoritmu sistemos Rimgaudas
Zaldokas will continue serving on the Board of the company. 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. 

The revenue of Algoritmu sistemos in 2014 was EUR 2.267 million, the company
had EUR 327 thousand net profit, and employs almost 60 people. 


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