California-based Nitro Software, a document productivity company that helps organisations accelerate business processes and drive digital transformation, announced that it has acquired Belgium-based Connective, an eSign SaaS provider. The deal was completed for an enterprise value of €70M.
According to a statement from Nitro, spending on eSigning solutions globally is expected to grow at a 29 per cent CAGR over the next decade and the acquisition of Connective enables Nitro to further tap into the entire $17B eSign market opportunity.
Once the acquisition is completed, Connective will become an indirect subsidiary of ASX-listed Nitro Software Limited. The complete Connective team is expected to join Nitro and commence work on achieving revenue synergies and a successful integration.
Digital transaction management
Founded in 2014, Antwerp-based Connective is an eSign SaaS provider that serves enterprise and government customers who require high levels of trust, security, and regulatory compliance. It also offers expansive electronic identity support and a powerful document workflow automation solution.
Some of the key Connective customers include the Belgian and French governments, BNP Paribas, Cofidis, ING Bank, Pirelli and Toyota.
With Connective’s Identity Hub, eSignatures, and Smart Documents solutions, users can increase operational efficiency, streamline digital transactions across borders, and transform any paper-based customer into a digital user.
The company claims to have a fast-growing market share in France and a rapidly expanding customer base in 11 other European countries. Currently, it has a customer base with over 1,000 mid-market, enterprise, and government accounts across Europe, including 8 of the 10 largest banks in Belgium, and more than 60 Belgian government agencies and departments.
Aim of this acquisition
Sam Chandler, co-founder and CEO of Nitro, says, “This is a milestone moment in Nitro’s growth story. With the acquisition of Connective, Nitro is in prime position to become one of the top 3 global players in the rapidly growing enterprise eSign market, at a time where increased trust, security, and regulatory compliance are vital to business success. With data privacy and security at a premium, the future of eSigning is built around high-trust eID-driven solutions, and this acquisition positions Nitro to become a global leader in this space.”
The Connective deal will help Nitro’s product-driven strategy by accelerating and enhancing Nitro’s eSign capabilities, such as providing high-trust signing via full Advanced Electronic Signature (‘AES’) and Qualified Electronic Signature (‘QES’) functionality. Currently, Connective has over 31 eID and smart card integrations across 20 countries – the most of any eSign vendor in the market today.
Additionally, Connective will also bring an experienced team of over 60 employees with domain expertise in secure, high-trust enterprise-grade eSigning, particularly in highly regulated markets, as well as more than 110 integration, lead generation, and reseller partnerships.
With Nitro’s and Connective’s combined 13,000+ customers in 150+ countries, and an expanded channel partner network, upsell and cross-sell opportunities are expected to deliver significant revenue upside.
Connective CEO Nicolas Metivier adds, “Our market-leading eSign and eID solutions have helped us establish a formidable presence in Europe and with Nitro’s customer base and global reach, we are excited to expand this presence around the world.”
Founded in 2005 by Karl De Abrew, Richard Wenzel, and Sam Chandler, Nitro is a document productivity software company that aims to drive digital transformation in organisations around the world across multiple industries.
The Company’s core solution, the Nitro Productivity Platform, provides integrated PDF productivity and eSignature tools to customers through a horizontal, SaaS, and desktop-based software suite. The solution allows knowledge workers to productively manage and process documents for many functions including editing, collaboration, storage, and electronic signing.
Currently, Nitro has over 2.8 million licensed users and 13,000 business customers in 155 countries, including over 68 per cent of the Fortune 500 and three of the Fortune 10. The company is headquartered in San Francisco with hubs in Toronto, Dublin, London, and Melbourne.