News from INVL Technology managed companies

Novian’s revenue rose 21.9% in 2023 to more than EUR 40 million

The Novian software and IT infrastructure services group had aggregated revenue of EUR 40.3 million in 2023, an increase of 21.9% compared to 2022. The group’s EBITDA for last year was EUR 1.2 million and shrank 18.5% from the previous year. The operating profit for 2023 was EUR 0.14 million and was 72.2% smaller than in 2022.

“As demand for digitalization grows, we are striving to create value for clients by addressing their needs and providing advanced programming and IT infrastructure solutions, seeking ways to effectively apply innovations, including AI. We are delighted that our steady work in this direction is contributing to business growth on both a national and international scale,” said Tomas Vitkus, the CEO of the Novian group.

He added that one important competence of Novian is its experience developing modern technological solutions for fast and efficient digitalization, where instead of monolithic information systems, container platforms are used to upgrade IT infrastructure, and microservices are used to deploy new applications and information systems. “We see that demand for such solutions is growing, so we’re building up our expertise and team in these areas,” he said.

Looking at strategic business areas, the Novian group’s software development revenue grew 11.6% last year compared to 2022, from EUR 8.2 million to EUR 9.1 million. Of the group’s strategic areas, the one that increased the most last year – up 3.3 times – was high performance computing (HPC) and cloud computing platforms, where revenue rose from EUR 1.3 million to EUR 4.3 million.

In the digitization area, revenue grew 6.5% in 2023 to EUR 1.6 million. Among recurring services, IT maintenance projects dominated. Revenue in that area shrank by 6.7% last year, from EUR 5.1 million to EUR 4.7 million.

In the reporting period, the Novian group’s companies earned EUR 29 million of their revenue, or 72%, in Lithuania; the amount is 15.3% more than in 2022. Revenue earned in other countries was EUR 11.3 million, or 42.9% more than in the year-ago period. The group had activities in a total of 37 countries last year.

IT infrastructure managed services enhanced

“Last year stood out for Novian Technologies in terms of innovations and an expanded business geography. In the first half of the year, to strengthen our position in Africa, we added Rwanda-based Norway Registers Development Rwanda Ltd. to our companies in the technologies business area. And in late 2023 we were one of the founders of the Lithuanian Quantum Technology Association, which we believe will allow us to contribute to the growth of this innovative technology,” Gytis Umantas, the CEO of Novian Technologies, said.