Digital ID Verification Company Purchased by Signicat
In a strategic move to strengthen its position in the European digital identity market, Signicat, a leading digital identity provider, has acquired Dutch identity verification specialist Inverid. The acquisition positions Signicat to meet growing regulatory and fraud prevention demands across Europe.
Inverid, founded in 2013, counts 50 clients, including Rabobank, the UK and Danish governments, and the European Border and Coast Guard Agency (Frontex). Its flagship product, ReadID, uses Near Field Communication (NFC) on smartphones for secure identity document verification, making it ideal for high-assurance use cases like banking, government, and cross-border compliance.
The acquisition enhances Signicat's fraud prevention capabilities by providing robust document verification. With ReadID, Signicat can now offer customers a comprehensive solution to combat evolving fraud threats, reducing the risk of identity fraud. The integration of Inverid's solutions also enhances Signicat’s anti-fraud orchestration capabilities, including RiskFlow and Mint.
In terms of high-assurance identity verification, the acquisition supports Signicat in meeting growing regulatory demands across Europe. With Inverid's solutions, Signicat can better address the need for stronger identity verification in compliance with eIDAS and other European regulations. The integration of ReadID into Signicat's platform facilitates cross-border identity verification, which is crucial for international transactions and government onboarding processes.
The acquisition bolsters Signicat's position as a leading digital identity provider in Europe, allowing it to offer more comprehensive identity solutions across the continent. This strategic move aligns with the objectives of creating a "European identity powerhouse." The cultural fit and successful partnership between Signicat and Inverid are expected to unlock immediate synergies, supporting future growth and innovation in digital identity solutions.
Signicat, launched in 2006, has been at the forefront of the identity industry for nearly two decades. The company supports 240+ data sources for business and individual identification. The acquisition of Inverid will unlock immediate synergies between the companies, with Signicat planning to integrate the ReadID capabilities into its own set of solutions.
Nordic Capital, Signicat's private equity investor since 2019, is enthusiastic about supporting Signicat's continued growth journey in Europe. This transaction demonstrates Signicat's commitment to remaining at the forefront of digital identity innovation. The acquisition of Inverid is an essential step to enhance Signicat's digital identity solutions, positioning it well to meet the evolving regulatory and security demands in Europe.
Signicat's acquisition of Inverid bolsters its position in the business sector, particularly in the finance industry, by providing stronger technology for high-assurance identity verification. With Inverid's solutions integrated into its platform, Signicat can now offer customers a more comprehensive suite of technology-driven identity solutions across Europe.
