Checkin.com Group, the Swedish tech company that changes how people all over the world checkin with services online, has just entered into an agreement to acquire all shares in the Estonian startup GetID.
Checkin.com was founded in 2017 and this acquisition is the first step in the company’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 €8.1 million. The acquisition is mainly paid in newly issued shares in Checkin.com Group, with a minor part paid in cash.
GetID founder and CEO, Dmitri Laush, will continue to operate in the company and have without exception chosen shares as payment. 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 was founded in 2019 and currently has annualised revenue of about €500K. More than 80% of the revenue is secured with contracts exceeding 12 months. GetID has a team size of about 25 people and is headquartered in Tallinn.
Kristoffer Cassel, the CEO and co-founder of Checkin.com Group commented: “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.”
GetID’s SaaS software 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.
Dmitri Laush, the founder and CEO of GetID stated: “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.”