VILNIUS - Norway's electronic identity solutions provider Signicat has acquired Lithuania's e-signing solutions provider Dokobit for an undisclosed amount of money.
The deal will strengthen both companies' positions in the Baltic and Scandinavian countries and help become a market leader in Europe, Dokobit said in a press release.
"Our goal has always been to conquer Europe, and together with Signicat we will be able to do so much faster," said Gintas Balciunas, the Lithuanian company's CEO.
Dokobit will continue to provide e-signing solutions under the same brand name.
Dokobit's net profit rose by 9.7 percent to EUR 307,500 last year as revenue surged by 61.4 percent to EUR 2.118 million. Until recently, Dokobit Technologies, a company owned by four natural persons, was its sole shareholder, according to information from the Center of Registers.
Signicat's revenue soared by 75 percent to EUR 42 million last year.
This year, Signicat has also acquired Norway's Encap Security and Spain's Electronic IDentification, the world's leading provider of asynchronous image recognition services, thus consolidating its leading position in Europe's RegTech market, according to the press release.