Checkin.com Acquires Estonian Identity Verification Firm GetID for EUR 8.1 Millionby Fintechnews Baltic August 5, 2021
Stockholm-based Checkin.com Group announced that it has acquired GetID, an Estonian identity verification software provider, for EUR 8.1 million.
Completion of the transaction is expected to take place during August 2021.
Checkin.com provides a software that combines multiple UX-systems, data sources, and identity solutions to instantly configure the best possible experience for each end-user at the point of check-in.
The acquisition is the first step in Checkin.com’s strategy to add technologies and strong teams by acquisitions, within areas that strengthens its SaaS-software for check-ins.
After the acquisition is completed all key personnel and shareholders in GetID will own approximately 3.2% of the shares in Checkin.com Group AB, these are issued as part of the transaction.
GetID’s Founder and CEO, Dmitri Laush, has chosen to refrain from cash payment in favor of additional Consideration Shares and will after the acquisition is completed own just over 1% of Checkin.com. These shares are subject to a lock-up period of 12 months.
Kristoffer Cassel, CEO and Co-Founder of Checkin.com Group said,
“I believe that their technology product wise is far ahead of their competitors and we are thrilled that such a prominent team wants to be part of Checkin.com Group going forward.
This acquisition is long-term a very important part of our puzzle, and we look into many other technology areas for suitable acquisition candidates.”
Dmitri Laush, Founder and CEO of GetID said,
“The GetID team shares our values, is product driven and super focused on creating advanced technology that benefits their customers. As stated we believe that their software product wise already is world leading within its niche and that the product is super easy to use.
But we do not acquire them only for what they already have achieved in a short time frame, but more because we believe that GetID’s technology for image recognition will be an important part of the puzzle in our long-term vision for Checkin.com Group”,
Featured image: From L to R: Kristoffer Cassel (CEO and co-founder of Checkin.com Group), Dmitri Laush (CEO and co-founder of GetID)