Signicat acquires Inverid to lead in NFC verification

Significance, the leading pan-European digital identity platform, today announced the acquisition of Inverid, the pioneering Dutch provider of NFC-based digital identity verification solutions, for an undisclosed amount from its majority shareholder Main Capital and the founders. Existing shareholders will reinvest a significant portion of the purchase price in Significance, which underlines their strong support for the merger.

The acquisition strengthens Signicat's offering with Inverid's flagship product, ReadID, which has set the global standard for NFC-based identity verification. This integration also reinforces Signicat's commitment to being at the forefront of innovation. Signicat and Inverid have immediate synergies both technically and commercially, as well as a strong cultural fit.

ReadID, launched in 2014, was the world's first NFC-based mobile identity verification solution, offering high security and reliability for sectors that require rigorous identity checks. Inverid's customer base includes both the public and private sectors, including governments, financial institutions and border control authorities.

ReadID offers unparalleled capabilities in NFC-based document verification and has industry-leading certifications such as ISO27001, ISO27701, SOC2 Type II and eIDAS Level of Assurance High. ReadID is used by over 50 organizations, including Rabobank, the UK and Danish governments and the European Border and Coast Guard Agency (Frontex), enabling secure, efficient and scalable identity verification processes.

Over the past three years, Inverid, with support from Main Capital, has made significant investments in both research and development – culminating in the opening of a dedicated center in Valencia – and in strengthening its marketing efforts. As a result, the company has secured important procurements, tripled its revenues and quadrupled its profitability.

Significance In recent years, Inverid has significantly expanded its European presence through large organic investments in new product development, as well as through eight strategic acquisitions to strengthen its proprietary technology, customer base and market expertise. Inverid joins a platform that includes other leading solutions, such as highly secure app-based mobile authentication, unparalleled eIDAS-compliant video-based identity verification solutions, the world's largest hub for national eIDs and leading anti-fraud solutions, such as RiskFlow and Mint.

"By adding Inverid's unique NFC-based solution to our platform, we can offer our customers the best possible technology for document verification and unmatched identity solutions.", says Asger Hattel, CEO of Signicat.”This transaction demonstrates our commitment to being at the forefront of digital identity innovation and our ongoing work to offer customers even more effective tools to combat fraud while improving the digitalization journey for their end users.”

"The acquisition of Inverid is an important step to further strengthen Signicat's offering and deliver even better digital identity solutions to the market. The deal builds on a successful partnership between companies and a strong cultural affinity, which will provide immediate synergies. Nordic Capital looks forward with great enthusiasm to supporting Signicat's continued growth journey in Europe", says Rolf Torsøe, CEO at Nordic Capital Advisors.

"We share the same culture and European values, which creates a strong offering, also in light of the upcoming developments around the European Identity Wallet", says Maarten Wegdam, co-founder and CEO of Inverid.”The identity verification market is increasingly moving towards integrated and secure solutions. By combining our identity verification technology with Signicat's global platform and unique identity and orchestration solutions, we can best support this growing market..”

Charly Zwemstra, CEO of Main Capital and Chairman of the Board of Inverid, adds: “We are pleased to present this next step in Inverid's growth strategySince our investment in 2022, the company has made great progress in its internationalization strategy while maintaining its reputation as a world-leading pioneer in NFC-based identity verification technology. We look back on a fantastic partnership, are convinced of the benefits of this strategic combination, and look forward to continuing our involvement as a minority shareholder in Signicat..”

The acquisition underscores Signicat's ambition to be a leader in digital identity by offering customers high-security solutions that are perfectly suited to today's challenges. For financial institutions, public sector actors and other organizations with strict compliance and security requirements, the integration of Inverid in Signicat's portfolio a valuable addition to their state-of-the-art, secure and scalable identity verification solutions.