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Main acquires majority stake in ReadID via substantial investment

Main Capital Partners announces today to have acquired a majority stake in InnoValor. InnoValor is the second platform investment from the Main Capital VII fund, which closed in October with a hard cap of 1 billion EUR. This flagship fundline is meant for majority investments in established software companies.

ReadID contributes to improving safety and reducing fraud worldwide, using innovative identity verification technology which reads the NFC-chips present in identity documents. It allows ID cards and passports to be easily verified using a smartphone, for example during the onboarding process of new (bank) customers or at border controls.

InnoValor is the second platform investment from the Main Capital VII fund, which closed in October with a hard cap of 1 billion EUR. This flagship fundline is meant for majority investments in established software companies with an enterprise value from EUR 25 million up to EUR 250 million. Investments are both replacement capital as well as growth capital for add-on strategies and growth in general.Main-Capital-Partners-logo-final

 

Safest and most accurate method of identity verification

Identity verification by means of NFC-technology is known as the most secure and most accurate way of verifying identity documents, with the highest conversion. Unlike technologies such as optical verification, the ReadID technology is fully automated by making use of the smartphone to read and verify data from the chip inside the document. When combined with face verification, it is nearly impossible to commit identity fraud.

World’s largest digital on-boarding immigration program

Since April 2019, the ReadID technology has been used by Home Office UK for the EU Settlement Scheme, to confirm the identity of European Economic Area-nationals living in the UK when applying for a UK immigration status. Since then, more than 6 million applications have been concluded, making this the world’s largest, most successful digital on-boarding immigration program using remote identity verification.

Strong partner for worldwide growth

Maarten Wegdam, CEO and co-founder of ReadID, said: “We are thrilled to join forces with Main. We chose Main as a partner for their down-to-earth approach and open dialogue. We trust that together we can strengthen and accelerate the growth for our company.”

"We chose Main as a partner for their down-to-earth approach and open dialogue" Maarten Wegdam, CEO & co-founder ReadID

Wil Janssen, CMO and co-founder of ReadID, added: “Strong ambitions need a strong partner. With Main’s experience and network, we can expand internationally faster, by opening more regional offices, and expand our product suite by adding more relevant orchestration partners. Our aim is to host a full suite of safe, high-tech identity verification methods.”

Focus on R&D in high-growth software field

Main has extensive experience in the broader Identity & Access Management market through its current portfolio companies Pointsharp (Sweden), Sivis (Germany) and Oribi (Netherlands). Through the investment in ReadID Main now also enters the adjacent segment of identity verification, which is growing rapidly, influenced by the need for digitization during the covid-pandemic. The expected growth of this segment is 30 – 40% per year until 2027.

"An important part of the strategy is to invest more in product development as well as in strengthening marketing and sales" Charly Zwemstra, Managing Partner of Main

Charly Zwemstra, Managing Partner of Main, commented: "ReadID has achieved great milestones in development of first class product technology and winning high profile clients. We aim to help them expand into new geographies and strengthen their position in this fast-growing product market by sharing our experience and network. An important part of the strategy is to invest more in product development as well as in strengthening marketing and sales, by opening offices in new geographies and strengthening their partner ecosystem. Additionally, a selective buy-and-build strategy could be applied to strengthen the product offering."

 

 

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