Signicat buys NFC-based digital ID outfit Inverid
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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. Similarly, this integration supports Signicat's commitment to remain at the forefront of innovation. Signicat and Inverid 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.
ReadID offers unparalleled 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.
In the past three years, with the backing of Main Capital, Inverid has made substantial investments in both R&D - marked by the opening of a dedicated hub in Valencia - and in strengthening its go-to-market capabilities. As a result, the company has secured key industry tenders, tripled its revenue, and increased profitability fourfold.
Signicat has heavily expanded its European footprint over the last years through large organic investments in development of new products, but also through eight strategic bolt-on acquisitions to strengthen its proprietary technology, customer base, and market expertise. Inverid joins a platform which includes other industry-leading solutions such as high-security app-based mobile authentication, unparalleled eIDAS-compliant video-based identity verification solutions, the world's by far largest hub of national eIDs, and leading anti-fraud orchestration solutions like RiskFlow and Mint.
'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 internationalization 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'.
This acquisition underscores Signicat's ambition to lead the digital identity ecosystem by providing customers with high-assurance solutions perfectly tailored to address today's challenges. For financial institutions, public services, or any organisation navigating stringent compliance and security standards, the integration of Inverid into Signicat's portfolio complements their state-of-the-art, secure, and scalable identity verification solutions.
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