Digital identity solution provider Signicat has reported the acquisition of identification and electronic signature specialists Idfy.
The deal will see Signicat obtain 100% of the shares in the Norwegian firm; no financial details were disclosed.
“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,” explained Gunnar Nordseth, CEO, Signicat.
“Together we can continue in our goal of creating the strongest digital identity solution on the market.”
Signicat expect the addition to enhance its “reach and portfolio of services” thanks to Idfy’s clientele of over 300 firms and its strong involvement in the fintech and real estate sector.
Founded in Norway in 2012, Idfy has developed a platform that enables firms to access trust services such as electronic authentication, seals and signing.
Stein Olav Davidsen, CEO, Idfy said: “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.
The company described its API-based platform as providing “building blocks” for developers to add authentication to firms website and/or mobile applications.
Signicat anticipate combining the firms scale and reach with Idfy’s developer-friendly APIs will only boost its offerings to clients.
“With Nordic Capital as lead investor we will have access to unparalleled competence within operational improvement and transformative growth,” Davidsen concluded.