New Leadership Recruited by IDnow to Push Forward with AI-Centric Identity Approach
In a strategic move to bolster its digital identity platform, Norwegian company Signicat has announced the acquisition of Inverid, a Dutch NFC-based identity verification company. The acquisition allows Signicat to integrate Inverid's innovative technology into its existing portfolio, providing a more comprehensive suite of digital identity verification services.
Launched in 2014, ReadID, Inverid's flagship product, was the first mobile identity verification solution based on NFC technology. It has since gained popularity among clients in both the public and private sectors, including Rabobank, Frontex, government agencies in the UK and Denmark, and more. ReadID holds several certifications, including ISO27001, ISO27701, SOC2 Type II, and eIDAS Level of Assurance High, ensuring high levels of security and reliability.
Under Main Capital's ownership, Inverid's revenue tripled, indicating the company's growth potential. Maarten Wegdam, CEO of Inverid, shares cultural and regional foundations with Signicat, paving the way for a smooth transition. The acquisition amount remains undisclosed.
Asger Hattel, CEO of Signicat, stated that Inverid's NFC-based solution enhances Signicat's document verification capabilities. The market is shifting towards secure, integrated solutions, and the combination of Inverid's technology with Signicat's platform positions them well to meet this demand.
Main Capital, Inverid's majority shareholder, and the company's founders are reinvesting a significant portion of the proceeds into Signicat. Inverid has expanded significantly in recent years, opening an R&D hub in Valencia. This acquisition is expected to drive growth for Signicat by enhancing its offerings with Inverid's unique technology.
The acquisition strengthens Signicat's European footprint by expanding its services to a broader range of clients across sectors, including public and private institutions, governments, and financial organizations. The transaction leverages the existing partnership and cultural fit between the companies, unlocking immediate synergies at both technological and commercial levels.
Clients will benefit from the integration of Inverid's NFC-based ReadID solution, which provides high assurance and reliability for rigorous identity checks, particularly in sectors requiring strict verification processes. The combined entity can offer more effective tools to combat fraud while improving the digitization experiences for users, a crucial aspect in sectors like finance and government, where security and efficiency are paramount.
With the addition of Inverid's technology, Signicat can offer advanced document verification technology and unmatched identity solutions, improving its position in fighting fraud and enhancing digitization journeys for end-users. Overall, the acquisition positions Signicat as a leading European identity powerhouse, enhancing its capabilities in digital identity verification and expanding its market reach.
[1] Main Capital's ownership of Inverid led to a tripling of revenue. [2] The acquisition allows Signicat to integrate Inverid's NFC-based identity verification solution. [3] Inverid's clients include Rabobank, Frontex, government agencies in the UK and Denmark. [4] The combination of Inverid's technology with Signicat's platform positions them well to meet the market's shift towards secure, integrated solutions.
- Main Capital's acquisition of Inverid led to a significant increase in revenue for the Dutch NFC-based identity verification company.
- By acquiring Inverid, Norwegian company Signicat will incorporate Inverid's innovative NFC-based identity verification technology into its existing suite of digital identity verification services.
