Signicat acquires Connectis to tap Benelux region
Digital identity firm Signicat has finalised its acquisition of Rotterdam-headquartered Connectis, a provider of authentication solutions.
The acquisition is part of Signicat’s expansion as a company following its own takeover by Nordic Capital in April 2019.
The combined entity will focus on helping organisations “looking to streamline online business while reducing risk and meeting a range of regulations.”
Connectis, founded in 2008, primarily delivers digital identity solutions to customers in the Netherlands, particularly organisations in the public sector, health care, insurance and financial services.
The firm has a range of solution which it provides to 350 organisations.
Asger Hattel, CEO of Signicat, tells FinTech Futures that Connectis had been on the firm’s radar for “quite some time”.
He adds: “Connectis’ geographic footprint, technology and people makes it the perfect proposition for us. Its presence in the digital identity market was hard to miss.”
According to the Signicat CEO the technology of the two firms compliment each other, and both companies will be able to learn from each other a result of the deal.
“Critically, Connectis has strong roots in and a deep understanding of the digital identity space in Benelux which puts us at the ground floor of one of the fastest growing markets – an exciting place to be.”
While little is set to change in the short term, there will be synergies between product lines and investment along the road.
For Jeroen de Brujin, CEO of Connectis, Signicat‘s position as a “leader in digital identity in the Nordics” enables his firm to take on a more prominent role within the wider European digital identity market.
Speaking with FinTech Futures, de Brujin says that working with Signicat is “a huge opportunity in terms of expertise, scale and competence.
“There’s no denying the Benelux region is maturing fast as a digital identity market, and Signicat’s experience will be invaluable to deliver more diverse solutions to our customers.”
While Nordic Capital announced its intentions to grow Signicat at scale and accelerate an international expansion of its services, Hattel says that his firm cannot reveal whether it has any other acquisitive plans on the horizon.
“The business remains open to opportunities to expand its reach, market share and boost its technology and human capital through non-organic growth.”