News from INVL Technology managed companies: Novian’s revenue grew 28% in 2022 to EUR 33 million

The Novian software and IT infrastructure services group had aggregated revenue of EUR 33 million in 2022, which is 27.9% more than the previous year. The group’s EBITDA for the year was EUR 1.5 million and compared to 2021 contracted 11.8%. There was an operating profit of EUR 0.5 million, which is 39.9% less than the year before.

Last year the Novian group’s companies earned EUR 25 million of their revenue, or 76%, in Lithuania; the amount is 39.4% more than in 2021. Revenue earned abroad was EUR 7.9 million, or 1.4% more than a year earlier. The companies had activities in a total of 36 countries in 2022.

Revenues in strategic areas grew

“We aim to strengthen our competitive position, with particular focus on Novian’s strategic areas like software development, digitization, and high-performance and cloud computing platforms. We were active in all these areas last year and are pleased to see revenue growth in all of them,” Novian CEO Evaldas Rėkus said.

Comparing the performance of the group’s companies in 2022 to 2021, revenue from software development increased 15% and reached EUR 8.2 million, and that from digitization rose 27% to EUR 1.5 million, while revenue from high performance computing (HPC) and cloud computing platforms was up 3.5% and reached EUR 1.3 million. Revenue from recurring services remained at a similar level and was EUR 5 million.

From modernizing national systems in Lithuania to HPC in Africa

“As regards software development, we feel the need for public sector digitalization in Lithuania. We’re contributing to the modernization of national information systems – we work with tax systems, registries, and other areas," Rėkus said. He added that Novian is also focusing on innovation. It is further developing its nanosatellite-constellation data-exchange platform for the space industry and taking part in the creation of a National Information Impact Identification and Analysis Ecosystem.

IT maintenance was an important part of recurring services, while digital transformation projects were also in focus. “Digital transformation consulting projects are playing an increasingly important role in our business. Since last year we’ve been providing the Bank of Lithuania with services for the transformation of applications to microservice-based architecture, and we upgraded infrastructure at the Central Bank of Rwanda," said Gytis Umantas, the head of Novian Technologies and Novian Eesti.

Novian gave special attention to archive digitization last year. “To meet market demand for digitalizing the archives of companies, libraries and publications, we opened a new Novian Digitization Centre in Estonia,” Umantas said. The group company Zissor also unveiled major upgrades to its media monitoring system in 2023. They include the ability to extract texts from PDFs and automatic categorization of articles using artificial intelligence. The ability to digitize books was added to Zissor's archive digitization software.

In the area of high-performance and cloud computing platforms, one of the biggest projects of 2022 was the deployment of HPC clusters in African countries for forecasting climate change and weather. Following that project, which was carried out by Novian Technologies, the 16 countries of the Southern African Development Community (SADC) will be able to produce faster and more accurate weather forecasts and better prepare for the challenges of climate change.

About the Novian group

As of the end of 2022, the Novian group consisted of Novian Technologies in Lithuania, Novian Eesti of Estonia and Andmevara SRL of Moldova, the software services companies Novian Systems and Elsis PRO in Lithuania and Andmevara AS in Estonia, and the Norwegian company Zissor. The Novian group’s 2022 results are based on the audited results of Novian Technologies, Novian Systems, Elsis PRO and Zissor, and the unaudited results of the group’s other companies.

In April 2023, Rwanda-based Norway Registers Development Rwanda Ltd became a part of the Novian group.

The Novian group is owned by INVL Technology, a company that invests in IT businesses.

The person authorized to provide additional information:

INVL Technology Managing Partner

Kazimieras Tonkūnas

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