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Novian revises the ownership structure of its businesses

2023 / 07 / 05

The Novian information technology group is changing the ownership structure of its companies. Through transactions within the group, Novian Technologies has acquired the shares of Norway-based Zissor and will consolidate Novian’s digitization services businesses. Additionally, to optimize the capital structure and management of the group’s software development companies, the company Novian has acquired the shares of Elsis PRO. The transactions were carried out at the companies’ value on 31 March 2023.

“For several years, Novian Technologies has been steadily building up its digitization business. The transfer of Zissor’s ownership to Novian Technologies fits that company’s strategy of developing digitization products and services and striving to expand in European countries,” said Evaldas Rėkus, the CEO of the Novian group.

Digitization services are currently provided in various countries of the world by Lithuania-based Novian Technologies and its subsidiaries Novian Eesti in Estonia and Andmevara SRL in Moldova. Zissor of Norway works together with them, providing publication digitalization services as well as media monitoring software products and services on a global scale.

According to the group’s CEO, transferring Elsis PRO’s operations to Novian will not only simplify the management of the company but also optimize and bolster the capital structure of the group’s software services companies.

The Novian group’s companies operate in the areas of IT infrastructure, programming and digitization. The Novian group had aggregated revenue of EUR 33 million in 2022, which is 27.9% more than the previous year. The group’s EBITDA for the year was EUR 1.5 million and compared to 2021 contracted 11.8%. There was an operating profit of EUR 0.5 million, which is 39.9% less than the year before.

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