Nordic Capital has acquired Norwegian digital identity outfit Signicat with the objective of expanding its ID assurance and digital onboarding toolbox into new international markets.
Founded in Trondheim, Norway in 2007, Signicat claims more than 500 clients, connects to more than 20 ID schemes globally and verifies more than 20 million transactions per month. The company has a particular stronghold in the financial services sector, with clients such as DNB, Klarna, Rabobank, Santander, Société Générale and Western Union.
In 2018, Signicat generated revenues of approximately EUR 19 million, primarily consisting of recurring subscription or transaction based revenues. The company has circa 115 employees across offices in Norway, Sweden, Finland, Denmark, UK, Germany, the Netherlands and Portugal.
Signicat was acquired from Secure Identity Holding AS and other shareholders. Viking Venture III AS, Signicat’s other major shareholder, will re-invest all proceeds and continue as a minority owner, together with employee shareholders and with Nordic Capital as the majority owner.
Gunnar Nordseth, CEO and co-founder of Signicat, says: “We live in a digital society where interactions between consumers and institutions are predominantly online and mobile-first. Trust is at a premium, and digital identity is the solution. Over the last 12 years Signicat has built a digital identity platform with all the tools any institution requires to establish mutual trust with its customers. With the ongoing global digital transformation, we are ideally placed to address this burgeoning market opportunity.”