Digital identification options supplier Signicat has acquired fraud prevention agency SmartWorks. Phrases of the transaction weren’t disclosed.
The acquisition expands Signicat’s presence and attain in Iceland, the place SmartWorks is headquartered.
Signicat made its Finovate debut in 2017 at FinovateEurope.
Digital identification options supplier Signicat introduced its sixth strategic acquisition since 2019 this week. The Norway-based firm has acquired fraud prevention innovator SmartWorks. Phrases of the transaction weren’t disclosed.
Headquartered in Iceland, SmartWorks is the biggest supplier of e-signatures and anti-fraud options within the nation. The corporate’s clients embody Íslandsbanki, Brimborg, and the Metropolis of Reykjavik – the place SmartWorks was based in 2016.
“Digital signatures are extensively adopted and already a enterprise customary in Iceland. Nevertheless, belief companies lengthen far past signatures with authentications, identification proofing, validations, belief orchestration and plenty of different associated companies,” SmartWorks CEO and founder Olafur Pall Einarsson stated. “This union places us within the place to form the way forward for digital identification in Iceland and to associate with all key stakeholders to outline how the market will evolve.”
Signicat plans to leverage the acquisition to increase its presence in Iceland. The corporate is especially desperate to market its Dokobit by Signicat answer within the nation. Secured through an acquisition in 2021, Dokobit offered cross-border signing capabilities and gave Signicat the flexibility to increase into the Baltic markets, together with Lithuania the place Dokobit was based in 2008.
As a part of this week’s acquisition, your entire SmartWorks staff will be part of Signicat. SmartWorks’ Einarsson will proceed on as Signicat Nation Supervisor Iceland.
“We’re extremely keen about this acquisition as SmartWorks is the market chief in Iceland relating to fraud and digital identification,” Signicat CEO Asger Hattel stated. “We are able to now additional leverage SmartWorks’ experience and assets to promote our portfolio of digital identification options throughout the Icelandic market.”
Norway-based Signicat has greater than 13,000 clients in 44 international locations, representing organizations in funds, digital wallets, and insurance coverage, in addition to in authorities entities. The corporate’s expertise helps greater than 130 information verification sources – together with nationwide eIDs – to identification each companies and people. Signicat additionally permits firms to securely scan worldwide identification paperwork utilizing video-based verification for AML, KYC checks, and extra.
Signicat completed 2023 topping the NOK 1 billion ($93 million) mark in income and a couple of billion transactions. The transactions quantity represented a acquire of greater than 25% over 2022.
Picture by Nextvoyage
