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CFI advised INVL Technology on its acquisition of a controlling stake in Deltagon Group

Vilnius –  CFI advised INVL Technology, a company that invests in IT businesses, on its acquisition of 77.35 % of the shares in Finnish cyber security company Deltagon Group Oy.

INVL Technology is a closed-end investment company which invests in IT businesses. It is listed on the Nasdaq Vilnius exchange [ISIN: LT0000102279, Ticker Symbol: INC1L).

Deltagon Group Oy is a Finnish cyber security company that develops information security solutions for electronic communication and electronic services across a wide range of industries from the financial sector to public administration – and everything in between. Revenue of Deltagon Group Oy in 2016 amounted to EUR 2.641 million or 15 percent more than in 2015 (EUR 2.295 million). Net profit of the company amounted to EUR 551 thousand in 2016 (6.6 percent more than in 2015). In the first half of 2017 Deltagon Group Oy revenue increased by 14.8 percent to EUR 1.458 million.

Current CEO of Deltagon Group Oy Jari Holmborg will remain in his position and continue to lead the company. Mr. Holmborg has over 30 years of experience in the technology sector, and he has been working at Deltagon for over 10 years. Before starting in the executive vice-president position at Deltagon in 2006, Mr. Holmborg was the CEO of Mirasys, and before that he served as the senior vice-president of F-Secure.

“Deltagon will remain a Nordic company with R&D and customer service in Finland, and our current customers will continue receiving the same quality of service they are used to. In addition, joining INVL Technology and being able to work closely with its managed companies will allow Deltagon to expand into other markets and offer our existing customers even more complex cyber security solutions”, commented the CEO of Deltagon Group Oy Jari Holmborg.

The deal is partly financed by the DNB bank in Lithuania. The bank has provided INVL Technology with up to EUR 2.3 million loan for the period of 4 years. The enterprise value of the acquired Deltagon Group Oy is EUR 5.2 million. In total, 100 percent shares of Deltagon Group Oy, could cost up to EUR 6.312 million.

The transaction closed on 28 September 2017.

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