Identity assurance provider Signicat has been acquired by private equity investor Nordic Capital, which hopes to accelerate the company’s international expansion. Financial terms of the agreement were not disclosed.
Fredrik Näslund, Partner at the Advisor to the Nordic Capital Funds, said Signicat “has shown consistent high growth since inception, driven both by a rapidly increasing number of customers and strong volume growth among existing customers.” He added that the company’s “highly experienced management team is well positioned to capitalize on enormous growth opportunities across geographies, customer verticals and products, as the digital transformation of the economy continues.”
Nordic Capital acquired Signicat from Secure Identity Holding, Viking Venture III, and other shareholders. Viking will re-invest proceeds from the deal, making it a minority owner.
Signicat’s digital identity solutions make customer onboarding faster, more secure, and compliant with privacy and data protection regulations by replacing paper-based processes. At FinovateEurope 2017, the company showcased Signicat Assure, a digital identity verification product; and Signicat Sign, an e-signature offering.
Gunnar Nordseth, CEO and Co-Founder of Signicat, referred to Nordic Capital as “the most prominent and experienced investors” in fintech and said that the company is the “perfect partner” to support Signicat’s international expansion strategy.
Founded in 2007, Signicat’s 115 employees across offices in Norway, Sweden, Finland, Denmark, the U.K., Germany, the Netherlands, and Portugal serve 500 clients including Klarna, Rabobank, Santander, Société Générale and Western Union, BMW, and Konica Minolta. Prior to today’s announcement, Signicat had raised almost $9 million.