Digital identity specialist Signicat acquires Icelandic counterpart SmartWorks

Signicat, a European provider of digital identity solutions, has acquired SmartWorks, its counterpart in Iceland. The financial terms of the acquisition have not been disclosed.
SmartWorks, Iceland’s largest provider of digital identity and fraud prevention solutions, joins Signicat’s portfolio of acquisitions made since the arrival of private equity firm Nordic Capital in 2019.
Signicat’s previous acquisitions include Connectis in the Benelux region, Encap Security in Norway, Electronic Identification (eID) in Spain, Sphonic in the UK, and Dokobit in the Baltics.
SmartWorks, founded in Reykjavik in 2016, has notable clients such as Íslandsbanki, Brimborg, and the City of Reykjavik.
Asger Hattel, CEO of Signicat, expresses enthusiasm about the acquisition, highlighting the opportunity to expand Signicat’s brand in Iceland and introduce its other products to the market.
Olafur Pall Einarsson, SmartWorks’ founder, has been appointed as the country manager for Iceland within Signicat.
Signicat, founded in 2006 and headquartered in Trondheim, Norway, now employs over 450 people across 17 European offices and serves over 13,000 customers in 44 countries.
The company provides digital identity solutions and services to financial and payment institutions, insurance companies, mobility providers, and governmental organizations.