News from INVL Technology managed companies: Novian’s revenue increased 27.6% in the first half of 2023 to EUR 18.5 million

The Novian software and IT infrastructure services group had aggregated revenue of EUR 18.5 million in the first half of 2023, an increase of 27.6% over the same period last year. The group’s EBITDA for the 6-month period was EUR 0.2 million and correspondingly grew 25.9%. There was an operating loss of EUR 0.3 million, the same level as in January-June last year.

In the first half of 2023, the Novian group’s companies earned EUR 12.3 million of their revenue, or 67%, in Lithuania; the amount is 11.8% more than in the first half of 2022. Revenue earned abroad was EUR 6.2 million, or 77.3% more than in the year-ago period. The group has had activities in a total of 32 countries this year.

“We expanded Novian's presence in the first half of this year – after adding a Rwandan company, the group now has offices not only in European countries but also in Africa. The period was also notable for the growth of revenue outside Lithuania, largely driven by the completion of a high-performance platform deployment project in countries of Southern Africa,” Novian CEO Evaldas Rėkus said. He said that in the future the group will get new opportunities not only through Novian’s geographical expansion, but also by starting projects in defence and other areas.

Looking at strategic operations, in the reporting period Novian’s software development companies focused on Lithuanian public sector digitalization projects in the areas of taxes and accounting. Projects funded by the European Defence Fund where Elsis PRO is part of the consortiums will also be launched. The SESIOP project aims to contribute to improving the interoperability of military air control systems, while the ODIN'S EYE II project will develop an early warning system for ballistic missile threats.

Growth in the field of high performance and cloud computing platforms was heavily impacted by a project completed in Southern Africa early this year. It will enable faster and more accurate weather forecasting and better preparations for the challenges of climate change. During the project, high performance computing (HPC) clusters for climate change and weather forecasting were deployed in Botswana while data collection and early warning platforms were deployed in the other countries of the Southern African Development Community (SADC). “We are actively showcasing the potential of HPC for climate monitoring on a global scale,” said Gytis Umantas, the CEO of Novian Technologies.

In the digitization area, structural changes were made. There were management changes at Zissor and Andmevara SRL in mid-year, and in July, Novian Technologies combined Novian’s digitization services businesses after acquiring the shares of Norway-based Zissor in an internal transaction. With the aim of improving efficiency, digitization processes and service features were also reviewed.

Among recurring services, IT maintenance projects continued to dominate. IT infrastructure service projects also stood out in the period. Examples are the modern application development platform completed this year at the Bank of Lithuania and the start of work to implement a modern application management system at the Lithuanian Centre of Registers.

The Novian group consists of Novian Technologies, Novian Systems and Elsis 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:

INVL Technology Managing Partner

Kazimieras Tonkūnas

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