GetID was acquired by Checkin.com Group, which provides online registration services, as a first step in the group’s strategy to develop its software portfolio as a service with the Estonian company identity document and biometric selfie authentication.
The deal values ââGetID at around 82 million SEK (about $ 9.5 million) in newly issued shares in Checkin.com Group, plus a smaller cash payment, according to the announcement. It is made up of â¬ 8.1 million (â¬ million), made up of â¬ 5.5 million in shares and â¬ 2.6 million (â¬ million) in cash and cash equivalents.
GetID founder and CEO Dmitri Laush will continue with the organization, having only taken shares in compensation for his stake. GetID staff and key shareholders will own approximately 3.2% of the Checkin.com group.
Checkin.com previously announced an acquisition strategy to identify strong teams and technologies in “hyper-specialized” areas, and the announcement notes the speed, frictionlessness, and GDPR compliance of documents and facial biometrics based on GetID’s artificial intelligence. The companies expect to realize synergies and economies of scale from the merger.
âGetID is a rapidly growing technology company with a fantastic team who in a relatively short period of time have created innovative and cutting-edge AI-based software for image recognition applied to face matching. and reading physical documents, âcomments Kristoffer Cassel, CEO and co-founder of the Checkin.com group. âI think their product technology is way ahead of their competition and we are delighted that such a large team wants to be part of the Checkin.com group in the future. This acquisition is a very important part of our puzzle over the long term, and we are looking at many other areas of technology to find suitable acquisition candidates. It is through the technical advantage that Checkin.com Group will continue to bring value to our customers and shareholders.
âWe strongly believe in the synergies created by this agreement and look forward to continuing our journey under the aegis of the Checkin.com group,â says Laush. âAbove all, we share their global vision and believe that when we work together we have a very good chance to radically change the way users check in to products and services. It looks like a perfect match, which is also why I chose to transfer 100% of my property in GetID to a long term property in Checkin.com Group.
GetID currently has annualized revenue from its biometric identity verification, KYC and AML checks of nearly 5 million SEK ($ 580,000), most of which is backed by contracts lasting over 12 months. . The company also recently launched a workflow builder tool to help customers integrate biometrics and other controls into their KYC processes.
The transaction is expected to close this month.
acquisitions | biometrics | Checkin.com | digital identity | GetID | identity verification | integration