Signicat has recently announced its acquisition of Inverid, a provider of NFC-based digital identity verification solutions.
The acquisition was for an undisclosed sum from majority shareholder Main Capital and the founders. Existing shareholders will reinvest a substantial part of the consideration in Signicat.
The acquisition strengthens Signicat’s offering with Inverid’s flagship identity document verification solution. Signicat and Inverid also have immediate synergies at both technological and commercial levels, as well as a strong cultural fit.
First launched in 2014, ReadID was the world’s first NFC-based mobile identity verification solution, providing a high level of assurance and reliability for sectors requiring rigorous identity checks. Inverid’s client list spans both public and private sectors, including governments, financial institutions, and border control authorities.
“By adding Inverid’s unique NFC-based solution to our platform, we can offer our customers the best possible document verification technology and unmatched identity solutions” comments Asger Hattel, CEO of Signicat. “This transaction demonstrates our commitment to remaining at the forefront of digital identity innovation, constantly striving to offer our customers still more effective tools to fight fraud while improving digitization journeys for their end users”.
“The acquisition of Inverid is an important step to further strengthen Signicat’s offering to deliver even better digital identity solutions to the market. Building on a successful partnership between the companies and a strong cultural fit, this transaction will unlock immediate synergies. Nordic Capital is enthusiastic about supporting Signicat’s continued growth journey in Europe”, said Rolf Torsøe, Managing Director at Nordic Capital Advisors.
“We share the same culture and European foundations, creating an excellent proposition, also in the context of the coming European Identity Wallet developments”, states Maarten Wegdam, co-founder and CEO of Inverid. “The identity verification market is moving more towards integrated and secure solutions. By combining our identity verification technology with Signicat’s global platform and unique identity and orchestration solutions, we can support that growing market perfectly”.
Charly Zwemstra, CEO of Main Capital and Chairman of the Supervisory Board of Inverid, adds: “We are excited to announce this next step in the growth strategy of Inverid. Since our investment in 2022, the business has taken great strides in its internationalisation strategy while sustaining its reputation as world class pioneer in the field of NFC-based identity verification technology.
“We look back on a great partnership, are firmly convinced about the benefits of this strategic combination, and look forward to stay involved with this partnership following our reinvestment as a minority owner in Signicat”.
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