NRD Companies, a global group of information technology companies, specializing in creating GovTec and FinTech solutions and providing related consulting services, recently released its 2021 annual report. company in 2021 of 6.35 million euros was only slightly down (9.2%) compared to 2020. EBITDA was 368 thousand euros compared to 602 thousand euros the previous year while the operating result amounted to 0.1 million euros.
Mindaugas Glodas, CEO of NRD Companies, explains that three main factors contributed to the financial performance. “Our contract sizes have decreased due to Covid-19 travel restrictions and our inability to deploy our experts globally to support our clients. Second, as a company operating in the Eurozone, the significant fluctuation in USD/EUR rates had a significant negative impact. Finally, we decided to divest ourselves of the hardware resale business and focus on high value-added consulting services. We were able to offset the decline in some revenue streams with increased revenue from registry, financial and government customers. »
A unique business model
NRD Companies, announced that revenues from the E-Registers segment have been growing since 2019 and in 2021, accounted for 33% of its revenues. The Company’s business model includes providing a range of electronic registry solutions through its state-of-the-art Unified Registry Platform (URP), an end-to-end BPMN and SOA-based platform proven to scale for the creation of advanced registry solutions in various jurisdictions.
URP’s various modules include Business Registration Solution (BURSEG), a modern web-based solution that serves as an intuitive platform where businesses/individuals and government meet for customer-centric business registration and other related services. Other modules include BOREG, a beneficial ownership registry solution, LIREG, a licensing solution, and TRANSEC, a secure transaction registry solution. With more than 150 e-registry related projects implemented in 33 countries, NRD Companies is considered an industry leader in terms of market share by country.
“This is our business strategy and our main competitive advantage. Entering a country through our various electronic register solutions provides us with a good understanding of the national digital ecosystem and thus allows us to extend our offers to other e-government services and systems such as business registers. , licenses, secure transactions, registration of industrial property. and many more. Later, we complete our offer with modern and user-friendly public electronic services, simplified and remote customer onboarding and modern online payment methods so that government institutions can become modern, truly digital, customer-oriented institutions. – said Glodas.
2021 — A year of achievements
Beyond NRD Companies’ numerous international projects in 28 countries, the company’s business realignment over the past year has included a flurry of local activity in Lithuania with clients such as Bank of Lithuania, National Land Service and the National Tax Inspectorate.
The newly created consultancy division was tasked with developing skills in addition to offering consultancy services related to electronic registration in new areas such as digital identity, civil status, e-government and e-services for the benefit of citizens.
As an example of its consulting projects, NRD Companies has completed the development of an action plan for the implementation of a unique identification system in four member states of the Organization of Caribbean States (OECS): the Commonwealth of Dominica, Grenada, Saint Lucia and Saint Vincent and the Grenadines. The OECS unique identification system aims to facilitate the cross-border movement of people and goods and to refine e-governance systems.
And in Guyana, the national government chose NRD Companies not only to create a strategy to modernize the organization of the state’s ICT infrastructure, but also to provide invaluable consultancy services. Following the implementation of the recommendations, the state’s ICT infrastructure would become the foundation for government e-services that will benefit all citizens, especially those living in remote and underserved areas. In the long term, it will lay the foundations to contribute to the United Nations Sustainable Development Goals, such as reducing poverty, improving the health and well-being of the population, reducing inequalities, increasing gender equality, etc.
In another development over the past year and as part of a strategic restructuring in a group of companies owned by INVL Technology, NRD Companies has sold most of the shares of NRD Bangladesh to NRD Cyber Security.
“The goal of the products and services developed by our group is to help growing economies bridge the digital divide and increase financial inclusion. These goals are in line with the UN Sustainable Development Goals, giving citizens the access to a range of e-government and financial services Our recent technical assistance project in the Philippines, aimed at streamlining and digitizing business registration procedures at local and national levels, emphasizes this objective. It aims to improve the business enabling environment and support inclusive private sector-led economic growth. The project will include, among others, an increased number of registered businesses at lower cost to the private sector, a strengthened regime money laundering (AML), implementation of compliance routines and development of modern tools for monitoring and ensuring equal treatment. xes. is a solution provider in addition to providing the accompanying consulting solutions needed to transform developing countries,” concludes Glodas.
About BDNI companies
NRD Companies is a global group of IT and consulting firms, specializing in the governance and development of economic digital infrastructure. Based in Norway, the group brings together companies operating in Fintech, GovTech and practice-based consulting to help countries achieve the United Nations Sustainable Development Goals. NRD companies have a successful track record in implementing projects, such as electronic service delivery platforms, digitization of national post, tax administration platforms and other digital solutions, across 5 continents. The Group is a recognized leader in the industry and is controlled by UTIB INVL Technology. NRD Companies is a parent company for the following subsidiaries: Norway Registers Development AS, NRD Systems, NRD Rwanda, ETRONIKA, Infobank Uganda. More information: www.nrdcompanies.com
The person authorized to provide additional information:
INVL Technology Managing Partner
Email [email protected]