INVL Technology acquired an Estonian government held IT company

Triniti

IT investment company INVL Technology acquired 100% shares in an Estonian IT company AS Andmevara from the Estonian Ministry of the Interior. TRINITI transaction team: partner Tõnis Tamme and senior associate Ain Kalme advised the purchaser in the legal due diligence review, negotiating and subsequent closing of the share purchase agreement.

According to the purchaser´s press release to the Vilnius stock exchange, the purchase price for 100 per cent of shares, incl cash and liabilities of Andmevara, was EUR 654.6 thousand. Enterprise value of Andmevara offered by INVL Technology amounted to EUR 231 thousand. Prior to privatization the Estonian state also received EUR 1.25 million in dividends and related taxes.

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.

Publicly listed INVL Technology operates as a cluster of B2B and B2G-oriented IT businesses with a focus in four key areas: business climate improvement and e-governance, IT infrastructure, cyber security and IT intensive industries‘ solutions. The largest INVL Technology investments currently are companies in Lithuania, Norway, Tanzania, Uganda and Rwanda.