Norwegian digital identity firm Signicat has purchased identity software specialist Electronic IDentification (eID) for an undisclosed fee.
Founded in 2013, Spain-based eID has brought to market the solution of asynchronous video identification based on video-in streaming with end-to-end coverage of the identification process.
This, combined with the firm’s Qualified Electronic Signature service, generates a strong and fully digital identification flow, the company claims. eID currently has over 250 customers spread over 30 countries.
Signicat noted it has had a partnership with eID for the last four years, which has enabled eID to have its solutions on Signicat’s platform.
The Norwegian firm stated that the coming together of the two businesses creates a company with ‘unrivalled strength’ in identity proofing, electronic signature solutions and authentication.
According to Signicat, the acquisition will help it strengthen its European presence and aid it in taking a further step towards becoming the market leader in providing digital identity and electronic signing solutions globally.
Furthermore, Signicat mentioned it believed the acquisition will help ensure the ‘highest level of security and compliance of digital identity solutions in the European market’, all based on the Strong Digital Identity Concept – developed by eID – to enable common end-to-end digital onboarding across the EU.
Following the acquisition, eID will continue as an independent company with a separate brand, with the aim of full integration by 2023. The purchase is still currently subject to normal regulatory requirements.
Signicat CEO Asger Hattel said, “Through our long cooperation, we were convinced that eID is a perfect match for us. Their unique services are a great compliment to our offering, and they bring with them a stronger foothold into the European market and competency to further fuel our growth ambitions. Together, we will solve some of the most advanced digital identity challenges for our customers.”
eID CEO Iván Nabalon added, “We look forward to continuing our partnership and becoming part of the Signicat family. Joining forces will enable us to achieve the rapid expansion we have been working on for the last eight years.”
This is the second major acquisition Signicat has made in the last two months – following the purchase of Encap Security in June.
Copyright © 2021 RegTech Analyst
Copyright © 2018 RegTech Analyst
