Signicat acquires electronic signing provider, Dokobit
Signicat, the Trusted Digital Identity Company™, acquires Baltic and Icelandic electronic signing market leader Dokobit, providing businesses cross-border signing capabilities. Like Signicat, Dokobit is one of the few Qualified Trust Service Providers (QTSP) on the EU Trust List, ensuring the strictest of assurance for validation of electronic signatures. This acquisition further strengthens Signicat’s product portfolio and expands their market reach into the Baltic countries, helping propel Signicat into Eastern European markets.
Signicat is one of the fastest growing companies in Europe in a ranking by Financial Times. Revenues increased from EUR 24 million in 2019 to EUR 42 million last year. So far this year, the company has acquired two companies, Norwegian Encap Security and Spanish ElectronicIDentification (eID) enhancing its leadership position in the European RegTech market. Now, the company is announcing it has acquired Lithuanian Dokobit, the largest e-signature solutions provider in the Baltic market.
“Together, Dokobit and Signicat share a strong cultural, commercial and technological fit. With Dokobit, we will gain access to a fast-growing and exciting part of the European e-signature market which has been largely untapped, in addition to getting exceptional talent and technology. For us this is one more important step to continuously develop our customer value propositions across Europe,” says Signicat CEO Asger Hattel.
Dokobit is, like Signicat, expanding internationally. The company was founded in Vilnius, Lithuania in 2008, and has expanded to provide services also in Estonia, Latvia and Iceland. Similar to Signicat, it offers a broad range of e-signature solutions, from customer authentication to electronic signing, and it is an eIDAS certified Qualified Trust Service Provider (QTSP) for e-signatures and e-seals validation. With the acquisition, Signicat is able to offer businesses broader coverage in the European market, for managing their customers’ electronic signing processes.
“In a rapidly expanding European e-signature market, in order to remain competitive, it is particularly important to act quickly. Even with the necessary knowledge and resources, the time to market of a product is one of the most important factors that can determine the company's success and future prospects. Our goal has always been to conquer Europe, and together with Signicat we will be able to do so much faster. By using Signicat's accumulated electronic identity tools, we will be able to focus our efforts on innovation and development of e-signing solutions”, says Gintas Balčiūnas, CEO at Dokobit.
The transaction size is not made public. The deal was concluded with legal assistance from the law firms Wikborg Rein, Sorainen and Ellex.
Dokobit is the biggest e-signature-based solutions providers in the Baltics and Iceland, offering businesses and public sector SaaS solutions for electronic authentication, signing, sealing, and validation processes. Dokobit is one of 17 Qualified Trust Service Providers for e-signatures and e-seals validation in the European Union, included in the EU Trust Service List. Dokobit services are used by companies like SEB, Luminor, Telia, Toyota, CreditInfo, and others.
Signicat is a pioneering, pan-European digital identity company with an unrivalled track record in the world’s most advanced digital identity markets. Its Digital Identity Platform incorporates the most extensive suite of identity verification and authentication systems in the world, all accessible through a single integration point. The platform supports the full identity journey, from recognition and on-boarding, through login and consent, to making business agreements which stand the test of time. Signicat was founded in 2007 and acquired by leading European private equity investor Nordic Capital in 2019. It is headquartered in Trondheim, Norway.