Signicat, a Norway based digital identity firm recently revealed the addition of two new senior level executives to its team. As per statement released by the firm, it has on-boarded a new Chief Executive Officer and a Chairman for its board of directors. Signicat is a tech firm which has been active for more than a decade in European markets with more than 500 clients whom it connects to more than 20 ID schemes globally and verifies more than 20 million transactions per month. While its ID services are attached to wide range of industries its primary client base is made up of firms from financial services sector with several industry-leading figures such as DNB, Klarna, Rabobank, Santander, Societe Generale and Western Union making up its most prominent client list. The digital identity firm was most recently acquired by Swedish private equity firm Nordic Capital as part of its efforts to expand its ID assurance and digital on-boarding toolbox as it also aims to expand into new international markets.
The acquisition took place in April of 2019 post which it continues to serve as an independent entity. The firm now sees addition of Mr. Asger Hattel and Johan Tjarnberg as its new Chief Executive Officer and Chairman respectively. The incoming executive Mr. Hattel succeeds Mr. Gunnar Nordseth as Chief Executive Officer effective immediately While Mr. Nordseth – Founder and longest-standing CEO of the firm continues to serve in a role of business development capacity. Mr. Hattel was former Head of Merchant Services at Nets Group – one of the leading payment service providers in European market. Asger parted ways with Nets Group in November of 2019 and is a veteran with more than two decades of experience under his belt. Post leading the firm to its current status as a leading layer in Northern Europe he parts ways in good terms as their interests varied moving forward.
Commenting on his resignation from the firm, Nets CEO Bo Nilsson said, “With his clear commercial drive and strong customer focus, Asger has been essential for building our Merchant Services business. Our assessment is, however, that we need a different profile to lead the Merchant Services division through the next phase of our strategic journey which includes expansion into Europe”.
Commenting on Asgar’s appointment as his successor, Mr. Nordseth said, “Signicat is on a fast-growing journey to expand internationally and further strengthen its position in the Nordic and broader international markets. We founded this company with a grand vision and I am very proud of what we as a team have achieved up until today. We have now come to a phase where I want to hand over the leadership reins to a leader with greater experience in international expansion, and in scaling the business to the benefit of current and future customers. I will continue to be committed to Signicat as shareholder and I am looking forward to work closely with Asger, focusing on innovation and business development”.
Alongside Mr. Hattel, the firm also on-boards Mr. Johan Tjarnberg another veteran with more than two decades of experience to serve as the Chairman of its board of directors. Johan is currently serving as CEO of Bambora & Executive VP of Ingenico Group’s retail business unit. He also took on the role of special advisor to Ingenico group in New Year eve and is expected to join the group’s board of directors some time later this year. Commenting on changes made to the firm’s senior level leadership and management team, Fredrik Naslund – Partner at Nordic Capital Advisors major shareholder of Signicat said, “Born from the most advanced digital identity market in the world, Signicat is a recognised leader in one of the most exciting and fast-growing technology areas globally. A warm thanks to Gunnar and his experienced management team that have succeeded in achieving this strong market position. As majority owner, Nordic Capital is enthusiastic about supporting Signicat’s continued growth and bringing a unique experience of international expansion by the appointment of Johan and Asger”.
Moving forward, both the incoming executives are expected to work towards strengthening signicat’s organization and position the company to accelerate its international expansion as the leading digital identity solution in Europe with a unique ability to help clients solve their digital identity challenges. In 2018, the firm generated nearly 19 million Euro’s in revenue primarily consisting off recurring subscription or transaction based revenues. It currently has widespread presence in European market with offices located in Norway, Sweden, Finland, Denmark, UK, Germany, the Netherlands and Portugal. Aside from financial services sector, its secondary venue of mainstream clients are from auto & bluchip industries in Europe namely – BMW, Knoica Minolta, Schibsted Meddia Group etc..