COBALT advised INVL Technology, an investment company focused on targets in the IT sector, in the acquisition of 100 per cent shares in Algoritmu sistemos, a leading Lithuanian information systems development company, for EUR 2.4 million. The acquisition was completed on 18 March 2016 after the permits had been issued by the Competition Council and the Commission for the evaluation of compliance of potential buyers to the national security interests.
Established in 2001, Algoritmu sistemos develops efficient and reliable information systems for large and medium-sized organizations. The revenue of Algoritmu sistemos in 2014 was EUR 2.267 million, the company employs almost 60 people.
INVL Technology, AB is listed on Nasdaq Vilnius stock exchange. The company was created after the merger of BAIP group AB and INVL Technology AB.
COBALT assisted the client in drafting the transaction documents, represented INVL Technology in the negotiation process and provided other legal support. The deal team included Dr Juozas Rimas, Head of M&A practice group and Audrius Slažinskas, associate.