COBALT advised Novian group on acquisition of Elsis PRO

COBALT represented the Novian group on the acquisition of an information systems and software developer Elsis PRO. The agreement to buy 100% of Elsis PRO shares was signed by the Novian group company Novian Systems. The value of the transaction is not made public.

“We are delighted with the addition of Elsis PRO. It will not only expand the Novian group’s software development competencies and capabilities in the fields of aviation, transport and energy, but will also mark the start of a strategic partnership with the Elsis group,” said Evaldas Rėkus, the CEO of the Novian group.

The Novian group, which is owned by INVL Technology, a company that invests in IT businesses, operates in three business areas. Working in the technologies area are Novian Technologies in Lithuania as well as Andmevara Services OÜ in Estonia and Andmevara SRL in Moldova. Working in the software services area are Novian Systems and Elsis PRO in Lithuania and Andmevara AS in Estonia. Working in the media monitoring and digitisation area is the Norwegian company Zissor.

Established in 2004, Elsis PRO has been part of the Elsis group to date. Elsis PRO has created solutions and products in the fields of aviation and risk management, together with partners is implementing a project at Hong Kong Airport, andimplements projects at the Ministry of Finance, Financial Crime Investigation Service, Tax Inspectorate in Lithuania.

COBALT prepared transaction documents, represented the client in negotiations, provided consultations on all issues related to the transaction. The project team consisted of the partner Dr Juozas Rimas and associate Augustinas Petkevičius.