News from INVL Technology managed companies: Novian had revenue of EUR 16.4 million in the first half of 2024

The Novian software and IT infrastructure services group had aggregated revenue of EUR 16.4 million in the first half of 2024. That is 11.1% less than in the same period last year. The group’s EBITDA was EUR 1.1 million; in the year-earlier period it was EUR 0.2 million. The operating profit for this year’s first six months was EUR 0.6 million, compared to an operating loss of EUR 0.3 million the first half of 2023. In the reporting period, the Novian group’s companies earned EUR 12.6 million of their revenue, or 77%, in Lithuania, and had projects in a total of 36 countries.

“The results for the first half of the year reflect our work to lay strong foundations for further business growth. We believe that the competencies of our companies and specialists will allow us to continue to successfully meet clients' needs, with effective innovations as well as consulting activities,” says Tomas Vitkus, the CEO of the Novian group. He says the companies continue to actively present collaboration opportunities in a variety of IT areas, and that the new contracts signed and tenders won as of the middle of the year suggest that revenue and profit figures will grow.

Considering Novian’s strategic business areas, the group’s software companies this year worked on important healthcare, tax and account management projects, while also continuing projects in defence, aerospace and other areas.

“We are happy with the e-prescription project which is moving forward successfully. It's already letting Lithuanians buy prescription medicines in Latvia, Poland, Spain, Greece and Portugal, by simply presenting their ID, and people from those countries can do the same in Lithuania. We're now working to extend these possibilities to all European Union countries. We are also continuing work on eight defence projects that call for a new approach to the use of advanced technologies. And the AI-based X-ray image analysis system we've begun developing for Lithuanian customs is notably innovative,” Tomas Vitkus says.

As regards other IT services, Novian Technologies’ focus on consulting services has stood out. “We’ve been successful in tenders to consult on cloud computing architecture and procurement for public sector organisations, which is an important part of our services and underscores our technological expertise,” says Novian Technologies CEO Gytis Umantas. The company provides these services in European and African countries.

Standing out in terms of scale, he says, are contracts signed at the start of July, under which Novian Technologies will supply 14,500 laptop computers to more than 600 schools in Lithuania. The company is also looking to expand its critical IT infrastructure services, particularly under a managed services model that offers a choice of relevant service packages and terms. “Structural changes that were made are allowing us to combine the competencies that are relevant to clients, thus ensuring more effective coordination of internal processes and service delivery. In time this will allow us to focus on expansion of our consulting services,” the CEO says.

In the area of high-performance computing (HPC) clusters, Novian Technologies is actively delivering solutions for weather forecasting and climate change modelling. They can be used with early warning systems. In cloud computing, the deployment of container platforms that allow faster and easier updates of information systems and applications is gaining importance.

In the digitization area, Novian companies have continued to focus mainly on archives and media projects. Notable among new projects is the digitization of Estonia’s Soviet-era cultural archive, which, when complete, will make 2 million files available on the website of the country's national archive. Work continues on the creation of a digitalization centre in Sint Maarten, thus helping to improve the efficiency of public services in the country.

The Novian group consists of Novian Technologies, Novian Systems and Novian Pro in Lithuania, Novian Eesti of Estonia, Andmevara of Moldova, Zissor of Norway, and Norway Registers Development Rwanda of Rwanda. The Novian group is owned by INVL Technology, a company that invests in IT businesses.

The person authorized to provide additional information:

Kazimieras Tonkūnas

INVL Technology Managing Partner

e-mail 

Attachment