Signicat, the leading European digital identity platform, announced its acquisition of Inverid, the Dutch provider of NFC-based digital identity verification solutions, for an undisclosed sum from majority shareholder Main Capital and the founders.
The acquisition strengthens Signicat’s offering with Inverid’s solution, ReadID, which has set the global standard for NFC-based identity document verification. Signicat and Inverid have immediate synergies at both technological and commercial levels, as well as a strong cultural fit, according to officials from both companies.
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 organization 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.
Digital Identity Innovation
Signicat has heavily expanded its European footprint over the last years through large organic investments in development of new products as well as 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” said Asger Hattel, CEO of Signicat in a statement. “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.”
Shared Culture
Inverid joins a platform which includes other industry-leading solutions such as high-security app-based mobile authentication, 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.
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.
“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”.
Strengthening Signicat
ReadID offers capabilities in NFC-based document verification and holds industry-recognized certifications such as ISO27001, ISO27701, SOC2 Type II, and eIDAS Level of Assurance High. Trusted by over 50 organizations, including Rabobank, the UK and Danish governments, and the European Border and Coast Guard Agency (Frontex), ReadID enables organizations 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— including 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.
“The acquisition of Inverid is an important step to further strengthen Signicat’s offering to deliver even better digital identity solutions to the market,” said Rolf Torsøe, Managing Director at Nordic Capital Advisors. “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.”