Nordic Capital acquires digital identity firm Signicat
Nordic Capital today announced the acquisition of digital identity and signature solutions provider Signicat. Nordic Capital and existing shareholder Viking Venture intend to work with management to accelerate Signicat’s international expansion and strengthen the company’s market position and unique product offering. Financial details were not disclosed.
Signicat solutions enable companies and institutions in regulated and non-regulated industries to offer online authentication, identification verification and electronic signature solutions. The company has more than 500 clients, with a strong focus in the financial services sector. In 2018 Signicat generated revenues of approximately NOK 180 million (EUR 19 million), primarily consisting of recurring subscription or transaction based revenues. The company has more than 100 employees across offices in Norway, Sweden, Finland, Denmark, UK, Germany, the Netherlands and Portugal.
Signicat was acquired from Secure Identity Holding AS and other shareholders. Signicat’s other major shareholder Viking Venture III AS will re-invest all proceeds and continue as a minority owner, together with employee shareholders and with Nordic Capital as the majority owner.
“As one of the most prominent and experienced investors in the FinTech sector with a long and proven track record of growing businesses, Nordic Capital is the perfect partner to support Signicat’s accelerated international expansion strategy,” said Gunnar Nordseth, CEO and co-founder of Signicat. “Over the last 12 years Signicat has built a digital identity platform with all the tools any institution requires to establish mutual trust with its customers. With the ongoing global digital transformation, we are ideally placed to address this burgeoning market opportunity.”
“The company has shown consistent high growth since inception, driven both by a rapidly increasing number of customers and strong volume growth among existing customers,” added Fredrik Näslund, partner at the advisor to the Nordic Capital Funds. “Signicat’s highly experienced management team is well positioned to capitalise on enormous growth opportunities across geographies, customer verticals and products, as the digital transformation of the economy continues. Drawing on Nordic Capital’s significant experience across enterprise software, payment technology, financial services, and from scaling businesses globally, we are enthusiastic about the opportunity to help Signicat to further strengthen its market position and customer offering.”