Founded in Bergen, Norway in 2012, Idfy is today one of the fastest growing players within digital trust services in the Nordics. The deal will see Signicat acquire 100% of the shares in Idfy, with a substantial reinvestment in the combined entity by active Idfy shareholders.
In today’s digital society interactions between consumers and institutions are predominantly online and mobile-first. Trust is at a premium, and digital identity is the solution. This creates an incredible opportunity for Signicat and Idfy, with McKinsey describing ID verification as a service as “the next $20bn industry”.
The acquisition enhances Signicat’s reach and portfolio of services, and follows the acquisition of Signicat by Nordic Capital earlier in April this year. Idfy has more than 300 clients, with a strong presence in the fintech and real estate sector, with offices in Bergen and Oslo.
The Idfy platform allows companies and institutions to achieve efficient and compliant business processes across a wide range of use cases and security levels. A key driver behind Idfy’s rapid growth has been providing API-based “building blocks” for developers to add secure authentication, signing and sealing to web and mobile applications. Signicat’s scale and reach, and its experience in highly regulated markets and in helping organizations establish themselves as digital identity service providers combined with Idfy’s developer-friendly APIs, and innovative products like public records/business registries search, creates an unrivalled market leader.
“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.”
“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 operational improvement and transformative growth,” says Stein Olav Davidsen, CEO, Idfy.
Signicat was earlier this year acquired by Nordic Capital’s latest fund, Nordic Capital Fund IX with EUR 4.3 billion in committed capital. Nordic Capital has a leading position in the Northern European Technology & Payments sector.