Checkin.com Group Acquires Fast Growing Tech Company GetID
- Digital Identity , SaaS , Data
- 03.08.2021 05:22 pm
Checkin.com Group, the tech company that changes how people all over the world checkin with services online, has today entered into an agreement to acquire all shares in the Estonian tech company GetID. The acquisition is the first step in Checkin.com Group’s strategy to add technologies and strong teams by acquisitions, within areas that strengthens the Group’s already leading SaaS-software for checkins. The Purchase Price corresponds to an enterprise value of about SEK 82 million. The acquisition is mainly paid in newly issued shares in Checkin.com Group, with a minor part paid in cash. Founder and CEO, Dmitri Laush, will continue to operate in the company and have without exception chosen shares as payment.
The transactions in brief:
- Checkin.com Group acquires all shares in Vorld OU and the fully owned subsidiary GetID OU.
- The purchase price amounts to a total of EUR 8.1 million, where EUR 5.5 million is paid in Consideration Shares in Checkin.com Group and EUR 2.6 million is paid in existing cash and cash equivalents.
- The number of Consideration Shares is based on a price equal to the volume weighted average price on Nasdaq First North Growth Market during the last ten days of trading.
- After the acquisition is completed all key personnel and shareholders in GetID will own approximately 3.2% of the shares in Checkin.com Group AB, these are issued as part of the transaction.
- GetID’s Founder and CEO, Dmitri Laush, has chosen to refrain from cash payment in favor of additional Consideration Shares and will after the acquisition is completed own just over 1% of Checkin.com. These shares are subject to a lock-up period of 12 months.
GetID in brief:
GetID was founded in the beginning of 2019
- GetID currently has annualized revenue of about 5 million SEK.
- More than 80% of the revenue is secured with contracts exceeding 12 months.
- During H1 2021 the turnover growth on an annual basis exceeded 700%, albeit from low numbers.
- GetID has approximately 25 co-workers in the team and their office in Tallinn.
- More information about GetID is available on the company’s web site GetID.com.
“GetID is a rapidly growing tech company with a fantastic team that in a relatively short time frame has built innovative and leading software based on AI for image recognition applied within face matching and reading of physical documents. I believe that their technology product wise is far ahead of their competitors and we are thrilled that such a prominent team wants to be part of Checkin.com Group going forward. This acquisition is long-term a very important part of our puzzle, and we look into many other technology areas for suitable acquisition candidates. It is through the technical advantage Checkin.com Group will continue to deliver value to our customers and shareholders”, comments Kristoffer Cassel, CEO and co-founder of Checkin.com Group.
Dmitri Laush, founder and CEO of GetID gave the following comment:
“We strongly believe in the synergies this deal creates and we look forward to continuing our journey under the Checkin.com Group umbrella. Foremost we share their overall vision and believe that we, when working together, have a very good shot at radically changing how users checkin to products and services. This feels like a perfect match, which is also why I chose to transfer 100% of my ownership in GetID to a long-term ownership in Checkin.com Group.”
Background and rationale
GetID’s SaaS software is used by customers over several verticals, where customers in Fintech represent the lion part of the company’s revenue. GetID’s technology identifies users in a matter of seconds with a frictionless and GDPR-compliant solution based on AI-driven image recognition for document verification and face matching. The solution identifies over 900 passports and types of documents and supports more than 190 countries creating a truly global identification service. GetID’s technology has since the beginning been developed to seamlessly and quickly integrate with their customers' existing business ecosystems through a range of set-up and integration options.
The acquisition is a first step in Checkin.com Group’s previously communicated acquisition strategy to identify strong teams and technologies within hyper specialized key areas. The outcome of the acquisition and the combined companies will create synergies and economies of scale within technology, sales and cost efficiency.
“The GetID team shares our values, is product driven and super focused on creating advanced technology that benefits their customers. As stated we believe that their software product wise already is world leading within its niche and that the product is super easy to use. But we do not acquire them only for what they already have achieved in a short time frame, but more because we believe that GetID’s technology for image recognition will be an important part of the puzzle in our long-term vision for Checkin.com Group”, concludes Kristoffer Cassel.
Completion of the transaction
Completion of the transaction is expected to take place during August 2021.