Digital identity specialist Signicat reports expansion of its European footprint as it wraps Inverid acquisition

Signicat, a European digital identity platform, has acquired Inverid, a Dutch provider of NFC-based digital identity verification solutions, for an undisclosed sum from majority shareholder Main Capital and the founders.

First launched in 2014, Inverid’s flagship solution ReadID is pitched as the world’s first NFC-based mobile identity verification solution, serving sectors, such as higher education, that require rigorous identity checks. Inverid’s client list spans both public and private sectors, including governments, financial institutions, and border control authorities. 

In the past three years, with the backing of Main Capital, Inverid says it 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 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 solutions such as app-based mobile authentication, eIDAS compliant video-based identity verification solutions, a hub of national eIDs, and 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 at 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,” says 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,” says Maarten Wegdam, Co-founder and CEO at 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 at Main Capital and Chairman of the Supervisory Board of Inverid, comments: “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.”