Signicat has acquired Dutch firm Inverid, a provider of NFC-based digital identity verification technology, to expand its identity verification capabilities across Europe.
First introduced in 2014, ReadID allows users to verify identity documents via NFC-enabled smartphones and is used by clients across government, finance, and border control. The solution is certified under various standards, including ISO27001, ISO27701, SOC2 Type II, and eIDAS Level of Assurance High. Among its more than 50 customers are institutions such as Rabobank, Frontex, and public authorities in the UK and Denmark.
According to Signicat officials, the acquisition will improve the company’s offering by integrating a well-established mobile verification technology into its existing suite of services. They also said the two companies already share operational compatibility and have previously collaborated.
Expanding digital identity capabilities
Inverid has been focusing on its growth in recent years, supported by Main Capital, which became a majority investor in 2022.
Following the transaction, previous shareholders, including Main Capital and Inverid’s founders, are reinvesting a portion of the proceeds into Signicat. A representative from Main Capital noted that Inverid had made progress in internationalisation while developing specialised expertise in NFC identity verification.
Signicat’s expansion strategy has involved both internal development and multiple acquisitions. With Inverid, the company now adds a ninth acquisition to a list that already includes technologies for video-based identity verification, mobile authentication, and fraud detection tools such as RiskFlow and Mint.
Officials from Signicat’s ownership group Nordic Capital commented that the addition of Inverid would allow the combined entity to offer more comprehensive digital identity solutions. Representatives from Inverid noted that the partnership aligns with recent trends in the identity verification space, including the development of integrated solutions and the upcoming European Digital Identity Wallet.
It’s worth noting that the financial details of the transaction were not disclosed.
