Successful generational change

We are thrilled to announce that UAB Rivilė is expanding – with UAB Advantes Technologies on board as a strategic investor, we are now entering a new stage of activity. Advantes Technologies and Rivile have decided to combine their energy and experience to become the unequivocal market leader in accounting, financial and ERP systems for small and medium-sized enterprises. Successful generational change is a great achievement for Rivile’s entire ecosystem.

Why we need to strengthen our forces. The market for accounting, financial and ERP systems in the Baltic States will be seeing four major developments:

· consolidation at the national/regional level
· strong product development with advanced technologies
· maximum task automation
· improved customer service

Only the strongest accounting, financial and ERP system companies will be able to adapt to these developments and secure a strong market position.

Rivile is one of the most popular accounting, financial management and ERP systems in Lithuania (according to a 2016 study conducted by UAB Informacinės Konsultacijos) – it is a stable and functional product that works well in both one-person companies and large corporations. It also has a nationwide network of partners and representatives, efficient data exchange systems, an excellent team of IT consultants, a stable financial position, and a nationally valued brand. More than 30,000 companies keep their records with Rivile GAMA and Rivile products have been mastered by more than 8,000 accounting professionals. In 2017, the company generated EUR 1.89 million in revenue and earned EUR 0.56 million in profit before tax.

Rivile’s shareholders are thrilled with the benefits for the company’s customers and employees: “We are confident that with the new team, we will ensure that we maintain a leading position, and all current and future customers can rest assured that they have chosen the best accounting, financial and ERP system. This means that we will continue to be a reliable partner and an attractive employer, and we will continue to play a part in the management of the company.”

Advantes technologies is an exclusive business performance improvement and automation company which can develop an integrated business strategy for customers, reorganize processes, implement IT systems and train people. The company plans to grow firmly and calmly in every way – organically, through strategic partnerships and acquisitions. According to CEO Vilius Kontrimas, “We see great opportunities to grow regionally, and later, with the right products – globally. Our upcoming products are expert systems based on artificial intelligence that are designed for better decision-making and process automation. Investing in Rivile is a strategic step for us. Firstly, it is a great privilege and responsibility to operate through the Rivile ecosystem, and we will definitely ensure cultivation and continuity of the entire ecosystem, and respect what has already been created. Secondly, this is a great opportunity, because Rivile’s products are the backbone of every company and will allow for seamless integration of all our services in order to make customers’ businesses more productive and more automated. We come with experience of how an ambitious market leader should work.”

Vilius Kontrimas is the founder and CEO of Advantes Technologies. Vilius’s main fields of expertise are: business strategy and development, productivity, sales, and project, innovation and technology management. Vilius previously served as Director of Infrastructure and Strategic Development – and later as Rector – at ISM University of Management and Economics. He has also developed and managed his own businesses. He spent the past four years working as Director of IT, Infrastructure, Sales and Organizational Development at Kesko Senukai. With Vilius at the helm, these businesses grew profitably and came out of the financial crisis of 2008-2009 smoothly. Vilius has a doctorate from KTU with a concentration in artificial intelligence; he also has a master’s degree in business management and administration and a master’s degree in civil engineering from VGTU, as well as a bachelor’s degree in information business from VU.

Advantes Technologies CEO Vilius Kontrimas emphasizes the benefits for the entire Rivile ecosystem: “The best growth is when success of all ecosystem participants grows: customers, partners, representatives, employees, investors. First of all, we will be able to offer each Rivile customer a solution for increasing business productivity and automation; we will also increase Rivile’s capacity and hire new employees.”

he next steps. Advantes Technologies and Rivile’s joint management will start in full on September 1, 2018 and will seek to significantly increase Rivile’s capacity over the course of 2019, fully launch the development of a new generation of products, and actively seek opportunities to consolidate similar companies. It is planned to meet representatives, partners, customers and other ecosystem participants to discuss joint action plans by September 1 . All existing contracts and arrangements will remain valid, and Rivile will continue its normal activities.

We believe that this will be a beneficial move. We would be happy to answer any questions you may have after reading this post. See you soon!

Marius Urbonas
Virgilijus Žutautas
Vilius Kontrimas

Contact details:
Mr. Vilius Kontrimas

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