Signicat acquires digital trust services integration company Idfy
The Idfy platform enables efficient and compliant business processes for organizations across a range of use cases and security levels. The company says its API-based “building blocks” for developers to add secure authentication is a driver of its rapid growth. Idfy is one of the fastest growing digital trust services providers in the Nordic market, according to the announcement, with more than 300 clients and a strong presence in both the fintech and real estate sectors.
The companies say the deal creates a major opportunity in the ID verification as a service market, which McKinsey has identified as the next $20 billion industry. The combined entity will have unrivaled market leadership, they say, based on Signicat’s scale, reach, experience in highly regulated markets and helping organizations establish digital identity services, along with Idfy’s developer-friendly APIs and innovative products including search for public records and business registries.
Signicat will acquire all Idfy shares, while active Idfy shareholders will substantially reinvest in the combined company.
“With the acquisition of Idfy, we strengthen our ability to execute faster and deliver better digital identity solutions to the market. Idfy has a strong, driven team of digital identity experts that we look forward to welcoming into Signicat,” comments Signicat CEO Gunnar Nordseth. “Together we can continue in our goal of creating the strongest digital identity solution on the market.”
Signicat was itself acquired earlier this year by Nordic Capital, which plans to accelerate the company’s international expansion.
“We are happy and excited about becoming a part of the Signicat family—its impressive track record and portfolio of ID solutions will benefit all of our clients, and its geographic reach provides an enormous growth opportunity,” says Stein Olav Davidsen, CEO, Idfy. “With Nordic Capital as lead investor we will have access to unparalleled competence within operational improvement and transformative growth.”
Financial terms of the deal were not announced.