Financial Services, Investments, Lithuania, Mergers and take-overs, Technology

Etronika develops electronic banking, mobile signature, electronic transport tickets, and retail software solutions.

Representatives of INVL Technology Nerijus Drobavicius and Vida Juozapaviciene as well as one of the co-founders of Etronika Jonas Sulcas were elected to the board of Etronika. Kestutis Gardziulis, current CEO of Etronika, remains in this position and will continue to lead the company.

"The areas that Etronika operates in are very attractive. We particularly appreciate products and solutions developed by Etronika and now will seek to return the company to the path of profitable growth," said Kazimieras Tonkunas, the Director of INVL Technology and the chairman of the Board of NRD AS.

"Our goal is to strengthen our sales capacity and develop activities globally, as after the bankruptcy of several banks in Lithuania, banking software market has shrunk significantly. INVL Technology opportunities, experience and developed sales channel in East Africa and Southeast Asia will open new growth opportunities for Etronika, UAB. We are certain that the synergy of competences and practices will add value to both our clients and our employee," said Kestutis Gardziulis, CEO of Etronika, UAB.

Revenue of Etronika, UAB, amounted to EUR 1.9 million in 2014, company employs 40 people. Among the clients of Etronika – DnB bank in Lithuania and Estonia, Siauliu Bankas, Medicinos Bankas, Reitan Convenience in Lithuania and Estonia, R-Kioski in Finland and others.