Checkin.com, a check-in technology firm, has announced that it has acquired the Estonian-based ID verification tech firm, GetID. The new deal will bring GetID under the Checkin.com umbrella and allow the technology that GetID has developed to add an extra layer to the service that Checkin.com offers.
The deal will cost €8.1 million in total. The majority of the transaction will be made up of shares in Checkin.com. €5.5 million of these shares will be paid in Consideration Shares, as well as €2.6 million in cash and assets. The shares will be paid to GetID shareholders and key employees within the company. The total number of shares equates to around 3% of the entire shareholding in Checkin.com.
GetID has been in operation for around two years, it was founded in 2019. During that time it has increased its revenue to almost 5 million SEK, with the vast majority of this revenue coming from long-term contracts of over a year in length.
The acquisition is all part of the growth strategy that Checkin.com has in place. By acquiring companies that can enhance its service or work in tandem with the service, it hopes to improve the quality of what it offers to customers. This is an attempt to increase revenue and hopefully increase the size of its customer base.
The deal will give the check-in tech firm the entire shareholding of GetID, meaning that its IP and software will be available. It is expected that this will lead to it being integrated within the current services Checkin.com offers in the near future.
Dmitri Laush, the CEO and Founder of GetID, commented:
We strongly believe in the synergies this deal creates, and we look forward to continuing our journey under the Checkin.com Group umbrella.
Kristoffer Cassel, the CEO and Co-Founder of Checkin.com, reiterated that sentiment:
This acquisition is long-term, a very important part of our puzzle, and we look into many other technology areas for suitable acquisition candidates.
