Recently, Nordic Capital revealed the purchase of Signicat, a firm that is a provider of digital identity and signature solutions that runs the leading digital identity hub in the industry. Nordic Capital in close alliance with the firm’s management and current shareholder Viking Venture, boost Signicat’s international expansion and strengthen the firm’s market leading position and different product offering.
Started in 2007, in Trondheim, Norway, Signicat pioneers in innovation in verified digital identity solutions, decreasing risk at the same time offering a smart and intuitive user experience. The firm’s solutions allow firms and institutions in regulated as well as non-regulated industries to provide efficient and user-friendly advanced online authentication, recognition, verification, and electronic signature solutions.
Signicat has over five hundred clients with a strong hold in the financial services sector. The firm collaborates with providers such as Western Union, DNB, Rabobank, Klarna, and Santander. The firm’s services are also being increasingly implemented in new verticals, being used by blue-chip firms such as Schibsted Media Group and BMW. Other biggest consumers of the firm are Resurs Bank, Nordax, Intrum, and Nordnet. Last year, the firm generated revenue of around nineteen million euros. The firm has around hundred and fifteen employees in offices located in Denmark, Portugal, Norway, Finland, Sweden, Germany, Netherlands, and the UK.
The firm was purchased from Secure Identity Holding AS & other shareholders. Signicat’s other big shareholder, Viking Venture III AS will put back all the proceeds and stay as a minority owner, along with employee shareholder & Nordic Capital as the main owner.
Signicat’s Co-Founder and Chief Executive Officer, Gunnar Nordseth said that as one of the leading & experienced investors in FinTech sector with a proven track record of increasing businesses, Nordic Capital is the ideal partner to back the firm’s increased global expansion strategy. He also said that since it is a technologically developed society wherein communication between customers and institutions are mainly online and mobile-first. Trust is very essential and the solution is digital identity. In the past twelve years, the firm has developed a digital identity platform with the tools needed by any institution to establish trust with their consumers. With the continuous digital changes, they are formed to deal with this market opportunity.
Viking Venture’s Partner Jostein Vik said that as a prominent Nordic growth software investor, they at Viking Venture have supported Signicat to become the industry pioneer in the digital identity in the Nordics. Along with Nordic Capital, they will support the firm to become a pioneer.