Signicat Has Acquired Inverid in a Transaction

Signicat Has Acquired Inverid in a Transaction

Signicat, a leading pan-European digital identity platform, has announced the acquisition of Inverid, a Dutch provider of NFC-based digital identity verification solutions. This strategic move strengthens Signicat's position in the digital identity ecosystem, as the platform already includes industry-leading solutions like high-security app-based mobile authentication, unparalleled eIDAS-compliant video-based identity verification solutions, the world's largest hub of national eIDs, and leading anti-fraud orchestration solutions such as RiskFlow and Mint.

The acquisition, from majority shareholder Main Capital and the founders, was not specified in terms of financial details. Existing Signicat shareholders have reinvested a substantial part of the consideration in Signicat, signifying their confidence in the company's growth potential.

Charly Zwemstra, CEO of Main Capital and Chairman of the Supervisory Board of Inverid, expressed his excitement about the acquisition, stating, "We are thrilled to see Inverid join Signicat. Their innovative NFC-based identity verification solution, ReadID, is a perfect fit for our platform, and we look forward to working together to create a comprehensive digital identity solution for our clients."

Inverid's client list spans both public and private sectors, with ReadID being trusted by over 50 organizations, including governments, financial institutions, and border control authorities. The solution's certifications, including ISO27001, ISO27701, SOC2 Type II, and eIDAS Level of Assurance High, reflect its robust security and compliance posture.

ReadID, developed by Inverid, is the world’s first and leading NFC-based mobile identity document verification solution. It enables organizations to verify users’ identity documents directly from the chip embedded in passports, national IDs, or other government-issued credentials using Near Field Communication (NFC) technology on smartphones. This chip-based reading is distinct from—and more accurate and tamper-resistant than—traditional optical scanning or OCR methods.

The integration of Inverid into Signicat's portfolio complements their state-of-the-art, secure, and scalable identity verification solutions. The partnership between Main Capital and Inverid has been successful, and they look forward to staying involved with the partnership following their reinvestment as a minority owner in Signicat.

For financial institutions, public services, or any organization navigating stringent compliance and security standards, the acquisition is beneficial. Signicat has expanded its European footprint through large organic investments and eight strategic bolt-on acquisitions, and the addition of Inverid further cements their position as a leader in the digital identity market.

The acquisition underscores Signicat's ambition to lead the digital identity ecosystem, providing organizations with a comprehensive, secure, and user-friendly digital identity solution. With the integration of ReadID, Signicat is poised to offer a one-stop-shop for digital identity needs, streamlining onboarding processes, reducing the risk of identity fraud, and ensuring regulatory and industry compliance.

1. The integration of Inverid's innovative NFC-based identity verification solution, ReadID, into Signicat's portfolio will strengthen Signicat's position in the digital identity market, providing a comprehensive, secure, and user-friendly digital identity solution for businesses navigating stringent compliance and security standards.
2. The acquisition of Inverid by Signicat, a leading pan-European digital identity platform, is beneficial for financial institutions, public services, and any organization seeking a one-stop-shop for digital identity needs, as it streamlines onboarding processes, reduces the risk of identity fraud, and ensures regulatory and industry compliance.
3. The addition of Inverid to Signicat's portfolio of industry-leading solutions, including high-security app-based mobile authentication, unparalleled eIDAS-compliant video-based identity verification solutions, the world's largest hub of national eIDs, and leading anti-fraud orchestration solutions such as RiskFlow and Mint, highlights Signicat's commitment to innovation and expansion in the insurtech and finance sectors through technology.

Read also: