Digital identity specialist Signicat acquires Icelandic counterpart SmartWorks
Signicat, a European provider of digital identity solutions, has acquired its counterpart in Iceland, SmartWorks. The financial terms have not been disclosed.
Signicat acquires SmartWorks in Iceland
Since the arrival of the new owner – private equity firm Nordic Capital – in 2019, Signicat has been expanding across Europe through acquisitions.
SmartWorks, Iceland’s largest provider of digital identity and fraud prevention in electronic signing solutions, joins Signicat’s portfolio of five other purchases:
- Connectis, a digital identity solutions provider in the Benelux region;
- Encap Security, an app-based mobile authentication provider in Norway;
- Electronic Identification (eID), a video identity tech provider in Spain;
- Sphonic, an anti-fraud and identity technology company in the UK; and
- Dokobit, an e-signature firm in the Baltics.
Founded in Reykjavik in 2016, SmartWorks counts Íslandsbanki, Brimborg, and the City of Reykjavik among its clients.
Asger Hattel, CEO of Signicat, says the company is “highly enthusiastic” about the latest acquisition. He notes that the aforementioned Dokobit is already used by private companies and the public administration in Iceland, but the addition of SmartWorks is “a great opportunity to expand Signicat’s brand” in the country as well as introduce its other products there.
The company says that all SmartWorks employees have joined the Signicat team. Olafur Pall Einarsson, SmartWorks’ founder, has been appointed country manager for Iceland.
Founded in 2006 and headquartered in Trondheim, Norway, Signicat now employs 450+ people across 17 European offices and serves 13,000+ customers in 44 countries. It provides solutions and services to financial and payments institutions, insurance, mobility, and governmental organisations.
