Norway-based Signicat has acquired SmartWorks, an Icelandic firm focused on e-signatures, authentication, and digital document delivery.
There is some overlap between the companies, with e-signatures being among Signicat’s offerings. Broadly speaking, Signicat provides a range of services aimed at verifying digital identities and facilitating secure online transactions for businesses and individuals. Its offerings include identity verification and authentication, in addition to electronic signing, supporting compliance with legal and regulatory requirements. It is also involved in digital ID: In 2018, it integrated the Itsme mobile ID system into its digital identity platform.
Signicat has shown an appetite for strategic acquisitions, having acquired six other firms since 2019, including the Dutch digital identity specialist Connectis in early 2020.
In a statement announcing its latest acquisition, Signicat described SmartWorks as “Iceland’s largest provider of digital identity and fraud prevention in electronic signing,” asserting that the deal would extend Signicat’s Europe-wide presence. SmartWorks’ customers include Íslandsbanki, Brimborg and the City of Reykjavik.
“Our solution Dokobit by Signicat is already recognised in Iceland and used by both private companies and the public administration,” said Signicat CEO Asger Hattel, referring to his firm’s SaaS solution for the management of secure electronic signing, authentication, sealing, and validation processes. “We now have a great opportunity to expand Signicat’s brand in Iceland but also to help Icelandic companies fight fraud and grow cross-border with less risk and better customer conversion.”
For SmartWorks’ part, founder and CEO Olafur Pall Einarsson noted that while e-signatures are already widely used in Iceland, the market potential for additional trust services like authentication and identity proofing offer an opportunity “to shape the future of digital identity in Iceland and to partner with all key stakeholders to define how the market will evolve.”
Terms of the deal were not disclosed.
–
March 22, 2024 – by Alex Perala
Follow Us