News and resources on digital identity, trust, biometrics and Secure Customer Authentication.
Nexi sells Nordic eID business to IN Groupe

Nexi sells Nordic eID business to IN Groupe

Nexi has sold its Nordic eID business to French digital ID outfit IN Groupe for up to €127.5 million.

The sale comprises an array of trust services in Nordics and key parts of the eID infrastructure in Denmark, MitID and NemLog-in, which serves as a personal entrance key to both the public sector and most parts of the private sector, including banks and corporates.

The sell off is part of a commitment by Nexi to rationalise its operations and contentrate purely on its core digital payments business.

Torsten Hagen Jørgensen, global head of issuing solutions, Nexi, says: “We want to expand digital payments in Europe and broaden our presence as 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."

For IN Groupe, the acquisition provides an opportunity to broaden its geographical footprint and future-proof the business for upcoming regulatory changes.

IN Groupe CEO and chairman Didier Trutt, says: "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.”

The deal value represents €90 million in upfront payments with an earn out of €37.5 million subject to performance. The business is expected to generate €11 million run-rate EBITDA in 2023.

The acquisition is expected to be sealed by the summer of 2024, subject to regulatory approval in Denmark.

Comments: (0)