Nitro Software Limited has entered into an agreement to acquire Connective NV, a European-based eSign SaaS provider, for an enterprise value of €70m (£59m).
The acquisition is in line with Nitro’s product-driven strategy, enabling it to further tap into the entire $17bn (£14bn) eSign market.
The combination of Connective’s eSign capabilities and Nitro’s document productivity platform and global go-to-market reach will enable Nitro to become the third global player in the enterprise eSign market.
The acquisition will be funded by a $140m (£103m) capital raising, the global eSign and document productivity provider said.
“This is a milestone moment in Nitro’s growth story. With the acquisition of Connective, Nitro is well placed to become the third global player in the fast-growing enterprise eSign market,” said Sam Chandler, co-founder and CEO of Nitro. “With the acquisition of Connective, Nitro is in prime position to become one of the top three global players in the rapidly growing enterprise eSign market at a time where increased trust, security and regulatory compliance are vital to business success.”
The deal significantly accelerates and enhances Nitro’s existing eSign, electronic identity (eID) and document workflow capabilities at a time when customer demand for high-security signing solutions continues to grow.
“Connective’s Smart Document solution will also further bolster Nitro’s offering, making document workflow automation easy, powerful and available to all,” Chandler added. “There is a multitude of opportunities to drive additional demand of the Connective offerings within Nitro’s platform through our global customer and partner networks.”
Connective claims to have over 30 eID and smart card integrations across 20 countries and a customer base of over 1,000 mid-market, enterprise and government accounts across Europe.
“We are delighted to have found a partner in Nitro that so closely aligns with our mission and vision, as well as our core company values,” added Connective CEO, Nicolas Metivier. “There was an immediate connection with Sam and the Nitro team, and it was clear to me how Connective’s market-leading solutions could scale even further as part of the Nitro Productivity Platform.”
Upon transaction completion, Connective will become an indirect subsidiary of ASX-listed, Nitro Software Limited.