Investment into information technologies (IT) market company BAIP group for 1,2 million Euro acquired 100 percent shares of Norwegian company Norway Registers Development owning 70,7 percent shares of UAB NRD in Lithuania.
The transaction was completed on Monday 28th of November, 2011 after the consent of The Competition Council of the Republic of Lithuania.
„What relates us to this company is a proved partnership and jointly implemented successful projects. By acquiring Norway Registers Development we foresee new opportunities to expand the portfolio of services in the critical infrastructure field and enter new markets“ – expressed the director of BAIP group Kazimieras Tonkunas.
In 2011 Norway Registers Development is expected to earn 2,5 million Euro income and 0,3 million EBITDA. Almost half of the revenues are accumulated abroad; the group employs around 50 people.
„I feel confident that the new owners will be able to take the company further in a very positive direction and that the joint group will successfully develop in the registers market. John Schjelderup Olaisen and me as previous shareholders will continue to work with the company and do our best to assist to the new board of directors“ – says Mr.Jon Birger Fjalestad, Chairman of the Board, Norway Registers Development AS.
Norway Registers Development has for already 15 years been participating in the creation of new register reforms in various countries and providing consultancy on the information system design. Its activity comprises the processes from the political commitment to the project designing, implementation support and execution as well as register operation and maintenance.
Having specialized in registration reforms, the company has accumulated a wide experience in designing, implementation and management of register projects in various countries such as Lithuania, Poland, Latvia, Croatia, Macedonia, Norway, Azerbaijan, Guatemala, Vietnam, Bhutan, Rwanda, Liberia, Malawi, Zanzibar, Kenya, Mozambique, Sudan, Madagascar, the Solomon Islands, Vanuatu etc. The major initiators and sponsors of such projects are the World Bank, The United Nations Industrial Development Organization (UNIDO) and similar organizations.
The Norwegian company Norway Registers Development owns 70,1 percent of shares of a specialized software development company acting in Lithuania and abroad UAB NRD. UAB NRD specialists have accumulated wide experience in register strategies, exploitation and contemporary information system design.
The contract on acquiring of 100% of shares of Norway registers Development was signed by BAIP group on the 20th of October, 2011.
About BAIP group:
UAB BAIP group is an IT investment company in Lithuania. BAIP group fulfills its objectives by employing teams of market professionals, creates subsidiary companies and executes mergers and acquisitions. BAIP group also owns critical IT infrastructure company BAIP, a specialized Microsoft licensing and solutions company Acena and specialized workplace maintenance and design company Informatikos Pasaulis. 80 percent of BAIP group share capital is owned by one of the largest Lithuanian investment companies AB Invalda.