Investment in information technology businesses company INVL Technology was announced the winner at the privatisation auction of Estonian IT company Andmevara.
Financial advisor of the Transaction Redgate Capital announced the decision of the Estonian Ministry of Interior on 30th March 2016.
The transaction is expected to be completed in April, once the share acquisition agreement is signed. The value of the deal depends on the amount of dividends paid out to the Estonian State, and will be announced after the acquisition is completed.
„After official confirmation of the tender results the share purchase agreement will be prepared. We are planning to sign the agreement during April and after that Andmevara AS will continue as a private company“ said Riho Kuppart, deputy secretary general of the Ministry of the Interior.
„As the long -term authorized processor of one of the most important state databases, the Estonian Population Registry, and a developer of many other critical national information systems, Andmevara has been on the forefront of the Estonian e-Government project. We believe that the Company has a lot of potential and that with the support of INVL Technology it will become even more capable to serve current customers, offer new services and expand internationally”, commented the director of INVL Technology Kazimieras Tonkunas.
Andmevara is a complex IT solutions and services provider to public sector organisations with expertise in e-Government solutions that include development of registries, important national information systems and software, digitisation, database development and hosting services. The Company was formed in 1997 based on a former governmental organisation Riigiarvutuskeskus, the history of which dates back to 1970.
Andmevara actively contributes to implementation of Estonian E-Government project, offers several ready-made software products to municipal and governmental institutions, and mostly serves Estonian public sector organisations. From 2002 until 2015, the Company processed the Estonian Population Registry, which was transferred to the Ministry of the Interior IT and Development Centre (SMIT) in 2016, as a part of the effort to consolidate certain IT functions of the State.
Andmevara has a subsidiary company in Moldova.
Source: INVL Technology, AB