Vilnius, Lithuania, 2014-02-12 08:37 CET (GLOBE NEWSWIRE) -- BAIP group, an IT company of Invalda LT, is going to announce public release about preliminary results of 2013. Invalda LT, AB owns 80% of BAIP group shares. The below mentioned results are preliminary and may slightly differ from the results that will be presented in the financial statements of Invalda LT.
Enclosed below is the release of BAIP group:
BAIP group consolidated revenue, according to preliminary data, increased by 25 percent in 2013 and reached LTL 50.3 million (EUR 14.6 million), in 2012 revenue amounted to LTL 40.4 million (EUR 11.7 mln). Meanwhile EBITDA (earnings before interest, taxes, depreciation and amortization), as compared to last year when it was LTL 2.7 million (EUR 0.8 mln), increased by 63 percent and reached LTL 4.4 million (EUR 1.3 million).
In 2013, BAIP group operating in Norway, Lithuania and Tanzania has implemented projects in Lithuania, Estonia, Latvia, Southeast Asia, Caribbean and East African region: Rwanda, Mauritius, Uganda and Tanzania.
BAIP group companies provided services and implemented projects in the Central Bank of the Republic of Lithuania, Western Union, SEB Bank, Rwanda Development Board (RDB), Mauritius Registrar-General's Department (RGD), Organisation of Eastern Caribbean States, Vietnam Business Registration Offices, Lithuanian Central Mortgage Office, Vytautas Magnus University, Vilnius University, Prosecution Service of the Republic of Lithuania, shipping, logistics, retail, transport companies and other organizations.
“Revenue grew significantly in the areas of cyber defence, critical IT infrastructure resilience, and information system design and development services. We have also succeeded in our goal of including other group’s companies in service delivery in East Africa - BAIP and NRD CS now provide services in the East African region”, explained the CEO of BAIP group Kazimieras Tonkūnas.
In 2013, along with the group's revenue, the number of companies within the group also expanded. In April, in order to be closer to the customers, a part of BAIP group Norway Registers Development AS (NRD AS) invested in East Africa acquiring 70 percent shares of the company 360 Smart Consulting Ltd., which was later renamed as Norway Registers Development East Africa Ltd. In addition, at the end of 2013 BAIP group has spun-off its cyber defence services into an independent, specialized cyber security company NRD CS.
In 2014 BAIP group will continue to further develop and invest in its own cyber security products and solutions, as well as modernise business, mortgage and licensing register systems, and expand its portfolio with solutions necessary for a comprehensive, sustainable and rapid progress of the developing economies: consultations and information systems that support management of public and centralised procurement, business inspections and state owned enterprises, as well as solutions for modernisation of judiciary systems and tax collection systems (eFilling).
In terms of new businesses, BAIP group intends to combine young businesses in rapidly growing countries of East Africa and Southeast Asia with European information technology businesses and professionals, fund them and invest in their development. BAIP group will continue its policy to be closer to the customers and involve local business partners in its programs, as well as focus on strengthening cooperation with Lithuanian and European service providers, non-governmental professional organizations and academic sector.
A ground for this has already been laid by the Memorandum of Understanding signed between Norway Registers Development AS and Uganda Management and Technology University. Furthermore, together with ISACA Tanzania Chapter, the group is implementing a consultative Tanzanian National Cyber security framework.
In 2014 BAIP group companies are planning to implement projects in Latvia, Portugal, Moldova, Georgia, Belarus, Tanzania, Uganda, Burundi, Rwanda, Viet Nam, Laos, Mauritius and Central America.
The person authorized to provide additional information:
Vytautas Plunksnis
Investment Manager
E-mail: Vytautas@InvaldaLT.com