Stein Olav Davidsen

Digital identity solutions provider, Signicat, has announced the acquisition of identification and electronic solutions provider, Idfy in a bid to enhance Signicat’s portfolio of services. The acquisition will see Signicat buying 100% of Idfy’s shares. The acquisition is expected to bring about the combination of Signicat’s market reach and expertise in highly regulated markets with Idfy’s APIs and products like public records/ business registries search.

“With the acquisition of Idfy, we strengthen our ability to execute faster and deliver better digital identity solutions to the market. Idfy has a strong, driven team of digital identity experts that we look forward to welcoming into Signicat,” said Gunnar Nordseth, CEO, Signicat. “Together we can continue in our goal of creating the strongest digital identity solution on the market.”

Founded in 2012 in Norway, Idfy is a Software-as-a-Service company for digital trust services such as secure identification and electronic signatures.

The supplier states that Idfy’s platform allows companies and institutions in achieving business compliant processes through an API-based structure. The structure enables developers to add secure authentication, signing and sealing to web and mobile applications.

“We are happy and excited about becoming a part of the Signicat family—its impressive track record and portfolio of ID solutions will benefit all of our clients, and its geographic reach provides an enormous growth opportunity. With Nordic Capital as lead investor we will have access to unparalleled competence within the operational improvement and transformative growth,” says Stein Olav Davidsen, CEO, Idfy.

This follows the acquisition of Signicat by Nordic Capital in April.

Recently, Signicat and yes.com, a new identity scheme launching in Germany, have partnered to integrate the yes.com open banking scheme into the Signicat Digital Identity Platform.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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