INVL Technology Taps ICON to Sell IT Portfolio in Strategic Exit

VILNIUS, Lithuania – January 22, 2026 – INVL Technology, a prominent closed-end investment company specializing in the information technology sector, has announced a landmark decision to divest its entire portfolio of companies. The firm has appointed the international consultancy ICON Corporate Finance as its exclusive M&A investment adviser to orchestrate the sale, signaling a significant strategic shift aimed at maximizing shareholder returns.

The move puts a portfolio of highly specialized and successful Northern European IT businesses into play, including cybersecurity leader NRD Cyber Security, global GovTech solutions developer NRD Companies, and the broad-spectrum IT services group Novian. The selection of ICON, a firm renowned for its deep expertise in technology-sector transactions and a global network of buyers, underscores INVL Technology's ambition to secure optimal outcomes through a structured, international sales process.

A Strategic Pivot to Maximize Value

The decision to sell is not a sudden liquidation but a calculated maneuver to capitalize on the value built within the portfolio. INVL Technology's management has emphasized a methodical approach, a strategy underscored by a proposal to extend the company's term of activity. Originally slated to complete its portfolio realization by mid-July 2026, the company will now ask shareholders at an Extraordinary General Meeting on February 5, 2026, to approve a two-year extension. This extension is designed to provide ICON Corporate Finance with the necessary runway to navigate the market, engage with a wide range of potential suitors, and avoid a rushed process that could undervalue the assets.

“At this stage, it is important for us to work with a partner that holds exceptional experience in the technology sector and is capable of ensuring strategic management of the sales processes,” said Kazimieras Tonkūnas, Managing Partner at INVL Technology. “ICON Corporate Finance’s expertise and global network of buyers give us confidence in purposefully achieving our set goals.”

The choice of advisor reflects a deep understanding of the current M&A landscape. According to Mr. Tonkūnas, the decision was driven by ICON’s long-standing experience, its grasp of IT market dynamics, and its proven ability to engage both strategic and financial investors on a global scale. This move comes as INVL Technology demonstrates robust financial health, reporting an 89% year-on-year increase in net profit to EUR 2.1 million for the first nine months of 2025, with company equity standing at EUR 53.36 million as of September 30, 2025. Selling from this position of strength further solidifies the strategy as one of value optimization rather than necessity.

The Crown Jewels: A Portfolio of High-Growth Tech Assets

The portfolio on offer represents some of the leading players in the Baltic and Nordic tech ecosystems, each positioned in a high-growth vertical. The quality of these assets is a key factor in attracting international interest.

NRD Cyber Security is a market leader in Lithuania, providing advanced consulting and Managed Security Operations Center (SOC) services. With proprietary products like Natrix and CyberSet used by national cybersecurity teams worldwide, the company is at the forefront of cyber defense. Its expertise is increasingly critical as regulatory pressures, such as the EU's NIS2 Directive, intensify and cyber threats grow in sophistication. The global cybersecurity services market is projected to swell to over USD 310 billion by 2034, and NRD Cyber Security’s involvement in high-profile projects with organizations like the European Union Agency for Cyber Security (ENISA) makes it a highly attractive target for larger security firms or defense contractors.

NRD Companies operates in the rapidly expanding GovTech sector. Specializing in creating digital infrastructure for governments globally, the firm has delivered projects in 22 countries. It has demonstrated impressive growth, with revenues from government and tax administration clients climbing significantly. As nations worldwide pursue digital transformation to enhance public services, the GovTech market is forecast to deliver trillions in public value. NRD Companies' proven track record, including a recent large-scale project for the Ministry of Digital Transformation in Trinidad and Tobago, positions it as a valuable asset for any large technology firm looking to deepen its public sector practice.

Novian group stands as a comprehensive IT powerhouse in the Baltics, with a €40 million annual revenue and over 250 employees. Its operations span software development, IT infrastructure, managed services, and digitization, with deep expertise in big data, AI, and high-performance computing. While strong in the public and defense sectors, its planned expansion into corporate verticals like finance and manufacturing broadens its appeal. The Baltics are recognized as a hub for IT talent and innovation, making Novian an ideal entry point or expansion vehicle for international IT integrators seeking a strategic foothold in Northern Europe.

A Bullish Market for European Tech M&A

The timing of INVL Technology's divestment aligns with a fervent M&A climate across the European technology landscape. Digital transformation, accelerated by global events, has placed a premium on companies that provide the foundational tools for modernization, security, and efficiency. The assets managed by INVL Technology sit squarely at the intersection of these trends.

Simon Moynagh, a Partner at ICON Corporate Finance, highlighted the portfolio's attractiveness. “INVL Technology has built an internationally recognised Northern European IT services platform, characterised by strong vendor partnerships, deep technical expertise, high service standards, and a clear understanding of customers’ operational requirements,” he stated. “Its portfolio companies exhibit strong fundamentals, scalable business models, and attractive positioning within the European technology sector, benefiting from sustained and accelerating demand for digital infrastructure transformation, enterprise IT modernisation, and cybersecurity protection.”

This external validation from a seasoned M&A advisor confirms that the market appetite for such assets is strong. Potential buyers are likely to include large-scale IT consulting and integration firms seeking to absorb Novian's capabilities and regional presence, specialized global cybersecurity players aiming to acquire NRD Cyber Security's expertise, and private equity firms looking to invest in the proven growth models of all three entities. The sale is not merely an exit for INVL Technology but a major opportunity for new owners to acquire established leaders in resilient and expanding tech markets. The outcome of the upcoming shareholder meeting on February 5th will be the first concrete step in this new chapter, setting the formal timeline for one of the most significant tech portfolio sales in the Baltic region's recent history.