Trondheim, Norway-based Signicat, a pan-European digital identity company, announced the acquisition of Inverid, the Dutch provider of NFC-based digital identity verification solutions, from majority shareholder Main Capital and the founders.
The financial details of the deal haven’t been disclosed.
Existing shareholders will reinvest a substantial part of the consideration in Signicat, underlying their strong support of the combination.
The acquisition strengthens Signicat’s offering with Inverid’s flagship solution, ReadID, which has set the global standard for NFC-based identity document verification.
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 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 staying involved with this partnership following our reinvestment as a minority owner in Signicat”.
The announcement comes four months after Signica announced its participation in the WE BUILD (Wallet Ecosystem for Business & Payment Use cases, Identification, Legal person representation, and Data sharing) consortium.
Inverid: Provider of NFC-based digital identity verification solutions
Founded by Maarten Wegdam and Wil Janssen, Inverid specialises in simplifying identity verification for users with smartphones and electronic identity documents.
Based out of Enschede, their flagship technology, ReadID, utilises Near Field Communication (NFC) to provide 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.
ReadID offers capabilities in NFC-based document verification and holds industry-recognised certifications such as ISO27001, ISO27701, SOC2 Type II, and eIDAS Level of Assurance High.
Trusted by over 50 organisations, including Rabobank, the UK and Danish governments, and the European Border and Coast Guard Agency (Frontex), ReadID enables organisations to perform secure, efficient, and scalable identity verification processes.
“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.”
Over the past three years, with the backing from Main Capital, the Dutch company has made significant investments in R&D, including the establishment of a dedicated hub in Valencia, as well as enhancing its go-to-market capabilities.
As a result, the company has successfully secured important industry contracts, tripled its revenue, and increased profitability by four times.
Signicat: Providing identity-proofing and authentication systems
Founded in 2006, Signicat is a pan-European digital identity company. Its platform offers a wide range of identity-proofing and authentication systems, all accessible through a single integration point.
The platform guides users through the entire identity journey, including recognition, onboarding, login, consent, and the creation of legally binding business agreements.
In 2019, Nordic Capital, a European private equity investor, acquired Signicat. The company now employs over 450 professionals in 17 offices throughout Europe.
Signicat has heavily expanded its European footprint over the last years through large organic investments in the development of new products, and also through eight strategic bolt-on acquisitions to strengthen its proprietary technology, customer base, and market expertise.
“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 digitisation journeys for their end users.”
