Nitro, a document productivity software company, has agreed to acquire the European-based e-sign software-as-a-service provider Connective. The deal is worth $81 million. Nitro intends to fund the transaction by going to investors for $104 million.
Connective is the leading e-sign provider in Belgium, according to Nitro, and is expanding its footprint to 11 other countries in Europe.
The firm has over 30 eID and smart card integrations across 20 countries. Nitro claims that this is more than any other e-sign vendor in the market. Connective’s customers include the Belgian and French governments, BNP, Paribas, Cofidis, Pirelli, Toyota, and ING Bank.
Opportunities to grow
Nitro’s co-founder and CEO Sam Chandler called the moment a milestone growth for Nitro. Chandler also said that the acquisition of Connective puts Nitro in a prime position to become one of the top three global players in the rapidly growing e-sign market.
In the modern world, increased trust, security, and compliance with regulation are vital for any business’ success.
Data privacy and security are at a premium too, which Chandler thinks presents an opportunity for services like high-trust eID and other similar solutions to flourish. The acquisition gives Nitro the edge it needs to compete in this market.
Padding the Nitro portfolio
Connective Smart document will also bolster the nitro offerings to make document workflow automation easy, powerful, and available to everyone. There are many opportunities to drive additional demand of the offerings Connective brings on board, through Nitro’s global customer and partner networks.
Chandler said that the company has built a team that aligns with Nitro’s mission to deliver the best and most valuable technology. He expressed his excitement about welcoming Connective to the Nitro family.