Identity verification leader Inverid bolsters Signicat's market dominance with NFC technology integration.
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 as a leader in digital identity verification by integrating the world’s first NFC-based mobile identity verification solution into its broader identity platform.
Inverid's client list spans both public and private sectors, including governments, financial institutions, and border control authorities. The acquisition of Inverid and its flagship solution, ReadID, a global standard for NFC-based identity document verification, underscores Signicat's ambition to lead the digital identity ecosystem by providing customers with high-assurance solutions tailored to address today’s challenges.
ReadID offers unparalleled capabilities in NFC-based document verification and holds industry-recognised certifications such as ISO27001, ISO27701, SOC2 Type II, and eIDAS Level of Assurance High. This advanced technology provides a strong level of assurance suitable for demanding identity verification setups such as banking, insurance, government, and border control.
The acquisition of Inverid enhances Signicat’s portfolio, which already includes identity proofing, trust orchestration, biometric verification, e-signing, and AML/KYC checks. The integration of ReadID into Signicat’s platform will offer its clients best-in-class document verification technology, improving fraud prevention and digital onboarding experiences.
ReadID uses Near Field Communication on smartphones to securely read data directly from the chip embedded in passports and ID cards, ensuring high accuracy and tamper resistance when validating identity documents. This technology is widely applicable in sectors requiring stringent identity validation, such as financial services, government services, border control, and more.
The acquisition supports Signicat's commitment to remain at the forefront of innovation. Asger Hattel, CEO of Signicat, comments that adding Inverid's NFC-based solution to their platform will offer the best possible document verification technology and unmatched identity solutions.
Charly Zwemstra, CEO of Main Capital and Chairman of the Supervisory Board of Inverid, announces this next step in Inverid's growth strategy, reinvesting as a minority owner in Signicat, expressing confidence in the benefits of the strategic combination. Existing shareholders of Inverid will reinvest a substantial part of the consideration in Signicat, showing their strong support of the combination.
In the past three years, Inverid, with the backing of Main Capital, has made substantial investments in R&D and go-to-market capabilities, resulting in key industry tenders, tripled revenue, and increased profitability fourfold. This acquisition is a testament to Inverid's success and the potential for further growth within Signicat.
Rolf Torsøe, Managing Director at Nordic Capital Advisors, expresses enthusiasm about the acquisition strengthening Signicat's offering and supporting its continued growth journey in Europe. The identity verification market is moving towards integrated and secure solutions, and by combining Inverid's identity verification technology with Signicat's global platform and unique identity and orchestration solutions, they can support that growing market perfectly.
For financial institutions, public services, or any organisation navigating stringent compliance and security standards, the integration of Inverid into Signicat's portfolio complements their state-of-the-art, secure, and scalable identity verification solutions. Maarten Wegdam, co-founder and CEO of Inverid, states that the company shares the same culture and European foundations with Signicat, creating an excellent proposition, especially in the context of the coming European Identity Wallet developments.
In summary, the acquisition of ReadID equips Signicat with a cutting-edge, NFC-powered, secure, and highly reliable identity verification tool. This acquisition underscores Signicat's commitment to lead the digital identity ecosystem and provide customers with high-assurance solutions tailored to address today’s challenges.
In the acquisition of Inverid, Signicat has integrated a global standard for NFC-based identity document verification, ReadID, into its platform, equipping it with a cutting-edge, secure, and highly reliable identity verification tool. This advanced technology is tailored for various sectors, such as financial institutions, governments, and border control authorities, where stringent identity validation is necessary.
