Signicat buys Encap Security to combine mobile identity and authentication businesses
Digital identity specialist, Signicat, has acquired its fellow Nordic customer authentication counterpart, Encap Security.
The two Nordic partners are now under one roof
The latter brings a mobile app-based authentication solution which Signicat says will allow the firm to offer PSD2 Strong Customer Authentication (SCA) compliance across the full customer lifecycle.
Encap Security was founded in 2006, a spin-off from a project by Norwegian banks to create a software-based mobile ID solution. Encap’s SCA platform is used across Europe by clients in regulated markets, especially Nordic financial services, for customer mobile authentication and security. Signicat was founded in 2007 and is based in Trondheim, Norway. It specialises in digital identity, onboarding and signing.
The takeover comes less than five years after Encap was acquired by Austin-based data-breach and identity-protection services company, AllClear ID. There is an existing relationship between Signicat and Encap spanning more than ten years.
Asger Hattel, CEO of Signicat, says: “This acquisition provides the backbone to our mobile digital identity strategy and establishes Signicat as a mobile identity and authentication powerhouse.”
Johan Sörmling, CEO at Encap Security, adds: “With firms across Europe looking to mitigate the impact of SCA regulation on the customer experience, we believe we have the right proposition at the right time.”
Encap’s Anonymous ID service allows end-users to pause the onboarding process and return later, reducing abandonment, while its Recovery of Authentication Profiles capability eases moving from an old to a new device.
