Nitro acquires Connective to enhance its digital document signing reach
Nitro, a digital document software company has reached an agreement to acquire Belgian eSign Software-as-as Service provider Connective with the aim of accelerating and enhancing its eSign, digital identity (eID) and document workflow capabilities as customer demand for high-trust and automated signing solutions continues to grow.
A press statement from Nitro indicates that the acquisition has an enterprise value of €70 million (US$81 million) and will be funded by an AU$140 million ($104 million) capital raise.
Nitro says the takeover will position it to become one of the top 3 global players in the enterprise eSign market thanks to its document productivity platform and global go-to-market reach—with the combination of Connective’s leading high-trust eSign capabilities.
This market position, the company adds, will further be strengthened thanks to Connective’s customer base of over a thousand mid-market, enterprise, and government accounts across Europe, including eight of the 10 biggest banks in Belgium and over 60 Belgian government agencies and departments. This, in addition to its over 30 eID and smart card integrations across 20 countries.
The companies’ combined 13,000-plus customers in more than 150 countries, and an expanded channel partner network, upsell and cross-sell opportunities, the statement notes, will also play a substantial role in driving Nitro’s revenue.
Also, Nitro notes that this move will help it provide high-trust signing via full Advanced Electronic Signature (‘AES’) and Qualified Electronic Signature (‘QES’) functionality.
Commenting on the acquisition, Sam Chandler, co–founder and chief executive officer of Nitro, said: “This is a milestone moment in Nitro’s growth story. With the acquisition of Connective, Nitro is in prime position to become one of the top 3 global players in the rapidly growing enterprise eSign market, at a time where increased trust, security, and regulatory compliance are vital to business success. With data privacy and security at a premium, the future of eSigning is built around high-trust eID-driven solutions, and this acquisition positions Nitro to become a global leader in this space.”
“Connective’s Smart Document solution will also further bolster Nitro’s offering, making document workflow automation easy, powerful and available to all,” added Chandler.
For his part, Connective CEO, Nicolas Metivier, remarked: “We are delighted to have found a partner in Nitro that so closely aligns with our mission and vision, as well as our core company values. There was an immediate connection with Sam and the Nitro team, and it was clear to me how Connective’s market leading solutions could scale even further as part of the Nitro Productivity Platform. Our market-leading eSign and eID solutions have helped us establish a formidable presence in Europe and with Nitro’s customer base and global reach, we are excited to expand this presence around the world.”
A spike in the demand for electronic signature services around the world was observed last year as businesses were forced to adopt remote processes.