Signicat acquires Connectis to grow share of European digital identity market
Signicat has acquired digital identity company Connectis to boost its efforts to grow its share in the identity verification market, which the companies say creates the strongest digital identity platform in the European market.
The combined expertise of the companies provides a basis for shaping the digital identity industry in Europe, according to the company announcement, and the combined entity will focus on helping organizations streamline online business, reduce risk, and meet the requirements of KYC and AML regulation.
Connectis has its headquarters in Rotterdam, the Netherlands, where its primary customer base is found among public sector, healthcare, insurance, and financial services organizations. The company was founded in 2008, and also has an office in Bucharest, Romania. Its products include Connectis Identity Broker, Connectis Identity & Access Management (CIAM), and We-ID eRecognition tokens (eID), for which it is the certified supplier to a public-private partnership with the Dutch Ministry of the Interior and Kingdom Relations.
“The adoption of digital identity in the Netherlands and Belgium has been impressive, and we are very pleased with now expanding our operations in the region,” states Asger Hattel, CEO of Signicat. “With Connectis joining Signicat, we are not only expanding our reach and customer base, we are creating Europe’s strongest digital identity platform. We are really looking forward to working together and to offer existing and new customers an even stronger digital identity offering.”
The digital identity and document verification market is forecast by Goode Intelligence to reach $15 billion by 2024.
“It’s time for Connectis to take the next step, towards a prominent role on the European market,” says Connectis CEO Jeroen de Bruijn. “By joining forces with Signicat, we really have the expertise, scale and competence to be a European market leader. We are looking forward to jointly serving customers a market-leading offering and driving innovation in the market.”
Nordic Capital Advisors Partner Fredrik Näslund notes that the firm acquired Signicat a year ago “to support and accelerate its international expansion and strengthen its position as a leading digital identity platform,” and says the acquisition of Connectis as an important step to bringing better digital identity solutions to market. Signicat also recently appointed both a new CEO and chairman to lead its international expansion plans.
SIDN and 2050 Foundation, Connectis’ previous owners, have endorsed Signicat by reinvesting in the combined entity.