12 Jul 2024

Fraud and digital identity

Asger Hattel and Olafur Pall Einarsson

Signicat, a leading European provider of digital identity solutions, has announced the acquisition of SmartWorks, a provider of Iceland’s digital identity and fraud prevention in electronic signing. The company says with a Europe-wide presence and global coverage, this strategic operation aims to strengthen its presence and expand its reach in Iceland.

Since 2019, Signicat says it has expanded its European footprint through six strategic acquisitions to strengthen its proprietary technology, customer base, and market expertise, including Encap Security, a leading high-security app-based mobile authentication; Electronic IDentification, and its unparalleled identity verification technology based on an eIDAS-compliant video solution; and Anti-Fraud and Identity Technology Company Sphonic.

Through its solutions portfolio and digital identity hub, Signicat says it is the best-positioned partner 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 reported to be 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.

“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 says it 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.

“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.

With a global reach, Signicat says it serves over 13,000 customers across 44 countries, including global entities in the financial sector, payments and wallets, insurance, mobility, and governmental organizations. The company has just been recognized among the Financial Times 1000 list of Europe’s Fastest Growing Companies for the year 2024 and for the 3rdtime since 2021.

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.



Company info: Signicat