IN Groupe acquires Danish digital ID services from Nexi
France-based IN Groupe has announced it has acquired Nexi‘s digital ID business. The acquisition will solidify IN Groupe as a leader in digital identity in Europe while strengthening Nexi as a leading paytech in the continent.
IN Groupe intends to combine Nexi’s digital identity capabilities with its own, expanding its portfolio. IN Groupe will support its customers in embracing new European regulations like eIDAS2.0 and NIS2.
The company will acquire a number of trust services in the Nordic region, including MitID and NemLog-in, two key parts of Denmark’s digital ID infrastructure, taking over as the nation’s provider. NemID was recently sunsetted, making MitID the national platform. Both were developed by Nets, which became part of the Nexi Group in a $9.2 billion 2020 deal.
“Nexi has, via its ownership of Nets, managed to develop an industry-leading identity and trust solutions in Denmark which has contributed to making Nordic societies the most digitised in the world,” says Didier Trutt, CEO and chairman of IN Groupe. “As a provider of a trusted digital infrastructures, we understand how critical it is to deliver stable, resilient, and secure services. Combining Nexi’s eID capabilities with our own will enhance our ability to support our customers throughout Europe as they have to embrace new regulations rapidly coming into play such as eIDASv2 and NIS2.”
Nexi, on the other hand, sees the divestment as part of a larger strategic goal towards portfolio rationalization and further establishing itself as a leading PayTech company in Europe.
“We want to expand digital payments in Europe and broaden our presence as (a) provider of digital payment solutions. As this requires that we focus our investments within the payments space we have reviewed the possibilities to divest our eID business,” says Nexi Global Head of Issuing Solutions Torsten Hagen Jørgensen.
The deal is subject to the customer closing conditions, and terms were not disclosed.