INVL Technology

M&A Activity • Dec 22, 2015

Disclosure 329160

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