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Andmevara AS shares were sold to Lithuanian IT services company

20. April 2016 - 14:34
Siseministeeriumi kantsler Lauri Lugna ja INVL Technology AB direktor Kazimieras Tonkunas.
Siseministeeriumi kantsler Lauri Lugna ja INVL Technology AB direktor Kazimieras Tonkunas.

100% Estonian state owned company Andmevara AS shares were sold to INVL Technology AB. The final price for 100% shares amounted to 664 637 euros.

„We are pleased that Andmevara has new respectable owners and we wish them all the best,” said Riho Kuppart, deputy secretary general of Ministry of the Interior.

Mairo Kaseväli, representative of financial advisor Redgate Capital, responsible for arranging the sales process of Andmevara AS, said that it was a good deal for Estonian state. During past year the government has received proceeds in form of dividends, income tax and the shares sale in total amount of 2,6 million euros (2015 and 2016 dividends and income tax payments amounted up to 1,95 million euros).

Andmevara AS, founded in September 19, 1997 is dealing with registers and data systems development, data processing, digitizing and information services development.

The largest INVL Technology investments currently are companies in Lithuania, Norway, Tanzania, Uganda. Equity of INVL Technology at the end of 2015 amounted to 24 million euros.

Andmevara AS sale process was arranged by financial advisory company Redgate Capital and law firm Tark.