Comment on transaction
9 June 2021 ZignSec entered into an agreement to acquire 100 percent of the shares in Web Shield Limited. Through the acquisition, ZignSec will increase its total revenue by more than 300 percent for the full year 2020 on a pro forma basis.
“It is with great humbleness and gratitude that I welcome several reputable institutions to our ownership base, and we will work hard to ensure the delivery of shareholder value to both them and to all the current shareholders who believe in ZignSec. As CEO, I will do everything I can to ensure that we continue to deliver high quality deals, both commercially and in the form of acquisitions”, comments Timm Schneider, CEO.
ZignSec AB (publ) is a RegTech Company that develops and operates a technical platform that has different types of ID verification methods in one place. The methods are used by companies to quickly and safely identify online customers in real time. The Company’s customers operate in various industries where identification is important, with the greatest concentration in financial services and other regulated operations.
- Global aggregator of identity verification solutions executing on a buy and build strategy on the fragmented identity solutions market, driven by regulatory requirements. ZignSec has aggregated ID verification and compliance features from more than 170 countries in their platform, enabling digital verification of users in more than 200 countries. The company reported net revenue growth of 107 percent during Q1 2021 and 113 percent during 2020.
- On the back of successful integration of the companies acquired during 2020, Basis ID and Wyzer Limited, ZignSec has successfully closed commercial agreements with customers such as NetEase, The Government of Malta and Schufa all together amounting to total initial order value of minimum approximately SEK 54 million over a 5-year period.Acquisition press release