Iceland

Signicat Acquires Iceland’s Largest Digital Identity and Fraud Player

by Fintechnews Nordics March 22, 2024

Norway based Signicat has announced the acquisition of SmartWorks, Iceland’s largest provider of digital identity and fraud prevention in electronic signing.

With a Europe-wide presence and global coverage, this strategic operation aims to strengthen Signicat’s presence and expand its reach in Iceland.

Since 2019, Signicat has expanded its European footprint through six strategic acquisitions to strengthen its proprietary technology, customer base, and market expertise, including Encap Security, Electronic IDentification and Anti-Fraud and Identity Technology Company Sphonic.

Through its solutions portfolio and digital identity hub, Signicat is well positioned to enable Icelandic companies to expand and operate in Iceland and beyond in full compliance. As an example, the company currently facilitates more than 35 national digital identities on its Digital Identity Platform, including Audkenni, simplifying electronic interactions between businesses, public administrations, and their customers.

Founded in Reykjavik in 2016 by Olafur Pall Einarsson, SmartWorks is today the largest provider of e-signatures and anti-fraud solutions in this field in Iceland. The company has grown exponentially over the years and counts large companies from all sectors among its clients, including the government. Its clients include Íslandsbanki, Brimborg and the City of Reykjavik.

Asger Hattel

“We are highly enthusiastic about this acquisition as SmartWorks is the market leader in Iceland when it comes to fraud and digital identity. We can now further leverage SmartWorks’ expertise and resources to sell our portfolio of digital identity solutions across the Icelandic market”

comments Asger Hattel, CEO of Signicat.

“Our solution Dokobit by Signicat is already recognised in Iceland and used by both private companies and the public administration. 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” he adds.

With this acquisition, Signicat aims to expand its presence in Iceland by offering its comprehensive portfolio of digital identity solutions. Similarly, it expects to increase sales and expand its reach in Iceland not only of Dokobit by Signicat, but also of other Signicat products.

Olafur Pall Einarsson

“Electronic signatures are widely adopted and already a business standard in Iceland. However, trust services extend far beyond signatures with authentications, identity proofing, validations, trust orchestration and many other related services. This union puts us in the position to shape the future of digital identity in Iceland and to partner with all key stakeholders to define how the market will evolve,”

says Olafur Pall Einarsson, CEO and Founder of SmartWorks.

“We are very excited to join Signicat and it will vastly strengthen the service offering for Icelandic companies. Signicat is trusted by leading companies around the world and is backed by Nordic Capital, one of the largest private equity funds in Europe” he adds.

Both companies have agreed to treat the financial details of the transaction as confidential and have therefore not disclosed the terms of the engagement.

All SmartWorks employees have joined the Signicat team and Olafur Pall Einarsson has been appointed Country Manager Iceland at Signicat. The company also plans to invest in the team going forward.