The move will accelerate Nordic company Signicat’s share of the identity verification market, a market expected to be worth $15 billion by 2024.
Connectis primarily delivers digital identity solutions to customers in the Netherlands, particularly organisations in the public sector, health care, insurance and financial services. Over 14 million customers have been identified using its software and eRecognition tokens.
Connectis allows customers to log in to online services using DigiD, eHerkenning, Facebook, Google, eIDAS, iDIN and many other digital identity methods.
70% of all transactions using the eHerkenning identity and authorisation system (one of the most prevalent identity schemes in the Netherlands) are performed using Connectis infrastructure.
Connectis develops secure solutions for online identification, authentication and authorisation for more than 350 organisations. Its products include:
• Connectis Identity Broker: With connections to multiple electronic identities, such as eHerkenning, iDIN, DigiD, and more.
• Connectis Identity & Access Management (CIAM): A comprehensive, yet fast and user-friendly CIAM solution.
• We-ID eRecognition tokens (eID): A standardised login system as part of a public-private partnership with the Dutch Ministry of the Interior and Kingdom Relations.
The move will produce improved services and increased trust
Signicat hopes that the products and new market access brought with the acquisition will mean they can help companies reduce fraud, meet regulatory requirements around digital identification, and have secure authentication to ensure transactions can proceed with a stronger degree of trust.
Signicat is interested in developing further into the sectors Connectis’ has a footprint in, particularly in the government and healthcare sector.
The combined company will focus on helping organisations looking to streamline online business while reducing risk and meeting a range of regulations such as KYC and AML.
“The adoption of digital identity in the Netherlands and Belgium has been impressive, and we are very pleased with now expanding our operations in the region,” states Asger Hattel, CEO of Signicat.
“With Connectis joining Signicat, we are not only expanding our reach and customer base, we are creating Europe’s strongest digital identity platform. We are really looking forward to working together and to offer existing and new customers an even stronger digital identity offering.”
“It’s time for Connectis to take the next step, towards a prominent role on the European market.” said Jeroen de Bruijn, CEO, Connectis.
“By joining forces with Signicat, we really have the expertise, scale and competence to be a European market leader. We are looking forward to jointly serving customers a market-leading offering and driving innovation in the market.”
Fredrik Näslund, partner, Nordic Capital Advisors comments: “Nordic Capital acquired Signicat a year ago with the ambition to support and accelerate its international expansion and strengthen its position as a leading digital identity platform. This acquisition is an important step to deliver even better digital identity solutions to the market, and Nordic Capital is enthusiastic about supporting Signicat’s continued growth journey in Europe.