Norway’s Digital Identity Specialist Signicat Acquires Spanish Rival eIDby Fintechnews Baltic July 6, 2021
Norway-based digital identity specialist Signicat has acquired Spanish Electronic IDentification (eID) which offers complementary solutions for an undisclosed sum to strengthen its European presence.
The joint offering aims to provide the highest level of security and compliance of digital identity solutions in the European market, all based on the ‘Strong Digital Identity’ (SDI) concept, developed by eID.
This enables a common end-to-end digital onboarding process across the EU in compliance with the most restrictive legislation.
After the acquisition, eID will continue as an independent organisation with a separate brand, with a goal of full integration within two years. The acquisition is subject to normal requirements, including approval by the Spanish competition authorities.
eID brought to the market an asynchronous video identification based on video-in streaming with end-to-end coverage of the identification process. This, combined with their Qualified Electronic Signature (QES) service, generates a strong and fully digital identification flow. It currently has more than 250 customers spread across 30 countries.
Signicat has had a partnership with eID for the past four years, through which eID’s solutions are also available on Signicat’s platform.
This is the second major acquisition Signicat has made this year, after buying Encap Security recently in June.
“Through our long cooperation, we were convinced that eID is a perfect match for us. Their unique services are a great compliment to our offering, and they bring with them a stronger foothold into the European market and competency to further fuel our growth ambitions.
Together, we will solve some of the most advanced digital identity challenges for our customers”
said Asger Hattel, CEO of Signicat.
“We look forward to continuing our partnership and becoming part of the Signicat family.
Joining forces will enable us to achieve the rapid expansion we have been working on for the last eight years”
said Iván Nabalon, CEO of eID.