Vilnius, Lithuania, 2014-05-08 08:42 CEST (GLOBE NEWSWIRE) -- INVL Technology, AB which was split-off from Invalda LT on 29 April 2014, owns 80% of BAIP Group shares.
In the first quarter of 2014 consolidated revenue of BAIP group according to unaudited data increased by 16 percent as compared to the same period last year and amounted to LTL 10.122 million (EUR 2.93 million). Meanwhile EBITDA (earnings before interest, taxes, depreciation and amortization) increased by 82 percent and reached LTL 1.089 million (EUR 0.32 million).
In Lithuania BAIP group companies in the first quarter of 2014 signed a contract with State Tax Inspectorate under the Ministry of Finance of the Republic of Lithuania for the creation of ITIS_EU module mini one-stop shop. Furthermore, a hardware and software supply, installation and configuration contract worth LTL 2.247 million (EUR 0.65 million) was signed and partially implemented with the University of Vilnius, which together with the Lithuanian and Belarusian partners is currently carrying out a project “Social, economic development and promotion of entrepreneurship through the development of a cross-border R&D and innovation network in the field of cloud computing”. Three year computer equipment lease and workplace maintenance service agreement was signed with Litgrid, AB, with a maximum value of the contract amounting to LTL 1.462 million (EUR 0.42 million).
BAIP group cyber security competence centre NRD CS added new solutions for responding to national malware outbreaks and child abuse content to its technology portfolio. In addition, NRD CS joined the Council on CyberSecurity - an independent, expert, not-for-profit organization based in Washington DC - as a Provider Member, focused on competencies and supporting the work of the Council. Cyber security technological capacity strengthening contract was signed with Lithuanian Railways (Lietuvos Gelezinkeliai, AB).
Supply and Implementation of an eRegistry System in Mauritius Project has contributed to the positive first quarter results of the whole BAIP group. In November, 2013 the first stage of the Project - modernization and optimization of the RGD - was finished, and currently the second stage is being implemented - the services are being made available online. The whole project (with 5 year maintenance) is worth LTL 9.3 million (EUR 2.69 million). Additionally, LTL 0.437 million (EUR 0.13 million) contract was signed with Mauritius Registrar-General's Department (RGD) for the expansion of the data centre, warranty maintenance and business continuity services.
In Burundi two contracts have been signed, and 3 BAIP group companies, led by BAIP, are currently implementing Burundi Central Bank data centre infrastructure modernisation and 5 year maintenance project, financed by the World Bank and worth LTL 6.79 million (EUR 1.97 million).
BAIP group will continue its business development in East Africa, where the company is currently implementing a programme for young businesses and science projects. BAIP group is looking for young perspective businesses that could be connected to European information technology businesses, scientists and mentors, seeking to finance them and invest in their development.
In addition, BAIP group companies have signed a contract with Fredskorpset Norway (FK) which will support and finance young employee exchange among BAIP group companies in Norway and Tanzania.During 21 month period, implemented in three 7-month-long rounds, a total of 17 young professionals from Tanzania and Europe will intern at NRD and NRD EA respectively. As a result of this programme, up to 20 new IT jobs in East Africa will be created, BAIP group operations in East Africa will receive local support and a cluster of new IT services will be developed. The first round of exchange will take place from the 11th of August, 2014 to the 10th of March, 2015. Total value of the project is almost LTL 1.564 million (EUR 0.45 million).
The person authorized to provide additional information:
Vytautas Plunksnis
Investment Manager
E-mail: Vytautas@InvaldaLT.com