2016
TARK has successfully advised Estonian Ministry of the Interior on the sale of 100% shares of AS Andmevara to IT investment company INVL Technology. TARK transaction team together with the financial advisor Redgate Capital assisted Estonian Ministry of the Interior in compiling the deal structure, preparing and conducting the public privatisation auction and negotiating and closing the share purchase agreement. TARK´s experts involved in the project were partner Hannes Küün and senior associate Tanel Küün.
The purchase price for 100% shares, including cash and liabilities of Andmevara, was EUR 654.6 thousand. Enterprise value of AS Andmevara offered by INVL Technology amounted to EUR 231 thousand. Prior to privatization the Estonian state also received EUR 1.25 million in dividends and related taxes.
AS Andmevara is a complex IT solutions and services provider to public sector organisations with expertise in e-Government solutions that include development of registries, important national information systems and software, digitisation, database development and hosting services. The Company was formed in 1997 based on a former governmental organisation Riigiarvutuskeskus, the history of which dates back to 1970. AS Andmevara actively contributes to implementation of Estonian E-Government project, offers several ready-made software products to municipal and governmental institutions, and mostly serves Estonian public sector organisations.
Publicly listed INVL Technology operates as a cluster of B2B and B2G-oriented IT businesses with a focus in four key areas: business climate improvement and e-governance, IT infrastructure, cyber security and IT intensive industries‘ solutions. The largest INVL Technology investments currently are companies in Lithuania, Norway, Tanzania, Uganda and Rwanda.
