Group Acquires Technology Firm GetID

The purchase price amounts to a total of €8.1 million. Group, one of the leading technology firms, recently announced that the company has entered into an agreement with GetID to acquire all shares in the Estonia-based identity verification platform.

According to the details of the deal, the purchase price amounts to a total of €8.1 million. Approximately €5.5 million is being paid in Consideration Shares in Group and €2.6 million is being paid in existing cash and cash equivalents. Group mentioned that after the completion of the acquisition, key personnel and shareholders in GetID will own approximately 3.2% of the shares in Group AB as part of the transaction.

Founded in 2019, GetID is one of the fastest-growing technology firms in Europe. The company has annualized revenue of nearly 5 million SEK. The company secured over 80% of revenues through contracts exceeding 12 months.

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Commenting on the latest acquisition, Dmitri Laush, Founder and CEO of GetID, said: “We strongly believe in the synergies this deal creates, and we look forward to continuing our journey under the 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 check in 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 long-term ownership in Group.” Group

Headquartered in Sweden, Group has expanded its services substantially in the last few years. The company’s SaaS software integrates multiple UX systems, data sources and identity solutions to instantly configure the best possible experience for each end-user at the point of check-in.

“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 Group will continue to deliver value to our customers and shareholders”, Kristoffer Cassel, CEO and Co-Founder of Group, commented on the latest announcement.

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