Signicat expands portfolio with SmartWorks acquisition

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.

Signicat’s partnership with SmartWorks

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 Sphonic.

Through its solutions portfolio and digital identity hub, the company enables Icelandic companies to expand and operate in Iceland and beyond in full compliance.

Asger Hattel, CEO, Signicat commented: “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.

“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.”

With this acquisition, Signicat aims to expand its presence in Iceland by offering its comprehensive portfolio of digital identity solutions.

With a global reach, the company serves over 13,000 customers across 44 countries, including entities in the financial sector, payments, insurance, mobility and governmental organisations.

“Shape the future of digital identity”

Olafur Pall Einarsson, CEO and Founder, SmartWorks added: “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.

“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.”

All SmartWorks employees have joined the Signicat team, and Olafur Pall Einarsson has been appointed Country Manager Iceland, Signicat.