Digital ID management software makers bought out by Veridos in Serbia, UST in Canada

Business uncertainty has digital ID players thinking broadly for financing. In this case, it is through buyouts.

Executives at NetSeT, maker of citizen ID management software has agreed to sell a majority position in their company to Veridos, which had held a minority share since 2017.

Similarly, executives with Prodigy Labs have chosen to accept a buyout offer from UST.

NetSeT, based in Serbia, caught Veridos’ attention 20 years ago working on projects together. The company’s software recognizes the complex nature of managing citizen data.

The company says it has worked with Veridos on ID systems in Macedonia, digital driver’s licenses in Uganda and biometric passports in Bangladesh, the United Arab Emirates and Venezuela.

Veridos gets a fuller product line out of the deal.

Meanwhile, UST, a product and services developer for businesses, has bought Prodigy Labs, based in Canada. Prodigy (also known as TCB Corp.) is a similar fix-it company, but with more of a focus on financial services and digital ID.

In announcing the purchase, UST said the buyout will be worth up to CA$12.5 million, or US$9.37 million.

Article Topics

acquisitions  |  biometrics  |  digital ID  |  digital identity  |  Prodigy  |  UST  |  Veridos