‘Scamdemic’-fighting Signicat acquires Icelandic SmartWorks

With its digital products already in use by the Icelandic government, Signicat looks to establish itself as a key figure in the Icelandic market.
‘Scamdemic’-fighting Signicat acquires Icelandic SmartWorks

Global anti-fraud software provider Signicat has acquired SmartWorks, an Icelandic company that facilitates e-signatures, in the hope of consolidating its reach among potential Nordic customers. The move is set to bolster Signicat’s digital identity services that verify and protect the online accounts and credentials of individuals and other businesses. 

The acquisition of further e-signature capabilities is an addition to Signicat’s authentications, identity proofing, validations, trust orchestration and other related services. Their customers include global entities in the financial sector, payments and wallets, insurance, mobility, and governmental organisations across 44 countries including the Icelandic government. 

Asker Hattel, CEO of Signicat commented: 

Our solution Dokobit 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."

All SmartWorks employees have joined the Signicat team as a result of the integration, with further hiring expected alongside founder Olafur Pall Einarsson’s appointment to Country Manager Iceland. Its Icelandic office is Signicat’s 17th in Europe and specific financial terms of the agreement are undisclosed. 

Signicat’s reach and range of products translates to interoperability that is prized within the cybersecurity and anti-fraud market where high levels of regulation make compliance a confusing and time-consuming process for businesses. 

Founded in 2006 Signicat was acquired by Nordic Capital in 2019, one of the largest private equity funds in Europe.

Lead Image: Signicat

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