Lithuanians Dokobit Acquired by Signicat, The Leading Identity Solutions Provider in Europe
Norwegian electronic identity solutions provider Signicat acquired Lithuanian startup, e-signing solutions provider Dokobit. This transaction will strengthen the position of both companies in the Baltic and Scandinavian countries and allow them to achieve a market leader position in the entire Europe.
“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 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 the development of innovative e-signing solutions”, says Gintas Balčiūnas, CEO at Dokobit.
According to the Financial Times, Signicat is one of the fastest-growing companies in Europe. Its revenue grew from 24M EUR in 2019 up to 42M EUR last year. Signicat, like Dokobit, is one of the few Qualified Trust Service Providers on the EU Trusted List. This year, the company acquired two more companies, the Norwegian Encap Security and the Spanish ElectronicIDentity, the world’s leading provider of asynchronous image recognition services, thus strengthening its leading position in the European RegTech market.
With this acquisition, both companies complement each other’s service areas perfectly, allowing them to expand the geography and provide customers all services from one hand. Signicat is strong in the development of eID solutions, meanwhile, Dokobit is experienced in electronic document signing. The synergies of the companies will allow providing the full range of eIDAS services – from issuance of eIDs and e-signing to the entire lifecycle of electronic documents. The combined forces will also allow the expansion of cross-border e-document signing operations, even between countries where they have not been possible for technological reasons so far.
“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, and get exceptional talent along with the acquisition. Together, we can reach the goal of becoming the only Digital Identity player companies need to deal with to acquire and digitally engage with their European customers securely”, says Signicat CEO Asger Hattel.
Dokobit e-signing solutions will continue to operate under the same brand name.
The transaction size is not disclosed. The deal was concluded with legal assistance from the legal firms Ellex, Sorainen, and Wikborg Rein.
Signicat is Europe’s leading provider of verified digital identity solutions, mainly focused on the regulated financial services industry. The company offers compliant, secure, and user-friendly online authentication, identification verification, and electronic signature solutions that reduce risk while enhancing the user experience. Signicat has more than 500 customers, including DNB, Klarna, Rabobank, Santander, Société Générale and Western Union. The company has offices in Norway, Sweden, Finland, Denmark, UK, Germany, the Netherlands, and Portugal.
Dokobit is the biggest e-signature-based solutions provider 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 Luminor, Telia, and others.