Signicat was acquired by Nordic Capital.
Signicat, a Trondheim, Norwaay-based providers of electronic identity and electronic signature solutions, announced getting into an agreement to be acquired by the private equity house Nordic Capital.
Financial details were not disclosed and the deal was made through Nordic Capital Fund IX. Signicat was acquired from Secure Identity Holding AS and other shareholders. Viking Venture III AS, Signicat’s other major shareholder, will re-invest all proceeds and continue as a minority owner, together with employee shareholders and with Nordic Capital as the majority owner.
Signicat, founded in 2007 as a spinoff from Kantega and led by CEO Gunnar Nordseth, provides verified digital identity solutions, reducing risk while providing a smart and intuitive user experience. Its solutions enable companies and institutions, both in regulated and non-regulated industries, to offer efficient and user-friendly advanced online authentication, identification verification and electronic signature solutions.
Signicat generated revenues of approximately NOK 180M ($21M), primarily consisting of recurring subscription or transaction based revenues from more than 500 clients, with a stronghold in the financial services sector where the company works with providers such as DNB, Klarna, Rabobank, Santander, Société Générale and Western Union.