Signicat, the pan-European digital identity platform, is set to acquire Inverid, a Dutch NFC-based digital identity verification solution provider, for an undisclosed sum.
By leveraging ReadID, a flagship NFC-based identity document verification solution created by Inverid, Signicat bolster its existing offering.
“By adding Inverid’s unique NFC-based solution to our platform, we can offer our customers the best possible document verification technology and unmatched identity solutions,” explained Asger Hattel, CEO of Signicat. “This transaction demonstrates our commitment to remaining at the forefront of digital identity innovation, constantly striving to offer our customers still more effective tools to fight fraud while improving digitisation journeys for their end users.”
First launched in 2014, ReadID became the world’s first NFC-based mobile identity verification solution, providing a high level of assurance and reliability for sectors requiring identity checks. Inverid’s client list spans both public and private sectors, including governments, financial institutions, and border control authorities.
ReadID offers capabilities in NFC-based document verification and holds certifications such as ISO27001, ISO27701, SOC2 Type II, and eIDAS Level of Assurance High. Trusted by over 50 organisations, including Rabobank, the UK and Danish governments, and the European Border and Coast Guard Agency (Frontex), ReadID enables organisations to perform secure, efficient, and scalable identity verification processes.
Adapting for the future
In the past three years, with the backing of Main Capital, Inverid has invested in both R&D, marked by the opening of a dedicated hub in Valencia, and in strengthening its go-to-market capabilities. As a result, the company has secured key industry tenders, tripled its revenue, and increased profitability fourfold.
Signicat has heavily expanded its European footprint over the last years through large organic investments in the development of new products, and through eight strategic bolt-on acquisitions to strengthen its proprietary technology, customer base, and market expertise.
“We share the same culture and European foundations, creating an excellent proposition, also in the context of the coming European Identity Wallet developments,” added Inverid CEO Maarten Wegdam. “The identity verification market is moving more towards integrated and secure solutions. By combining our identity verification technology with Signicat’s global platform and unique identity and orchestration solutions, we can support that growing market perfectly.”
Charly Zwemstra, CEO of Main Capital and chairman of the supervisory board of Inverid, adds: “Since our investment in 2022, the business has taken great strides in its internationalisation strategy while sustaining its reputation as world class pioneer in the field of NFC-based identity verification technology. We look back on a great partnership, are firmly convinced about the benefits of this strategic combination, and look forward to staying involved with this partnership following our reinvestment as a minority owner in Signicat.”
Signicat says the Inverid acquisition underscores its ambition to lead the digital identity ecosystem by providing customers with high-assurance solutions perfectly tailored to address today’s challenges. For financial institutions, public services, or any organisation navigating stringent compliance and security standards, the integration of Inverid into Signicat’s portfolio complements their state-of-the-art, secure, and scalable identity verification solutions.
