Document productivity software company Nitro Software has agreed to acquire Connective NV, a European-based e-sign software-as-a-service (SaaS) provider for $81 million.
Nitro will fund the transaction by tapping investors for $104 million. Connective is the leading e-sign SaaS provider in Belgium, according to Nitro, and is expanding its customer base in 11 other European countries. The firm has over 30 eID and smart card integrations across 20 countries, which Nitro claimed was the most of any e-sign vendor today.
Among Connective’s customers includes the Belgian and French governments, BNP Paribas, Cofidis, ING Bank, Pirelli, and Toyota.
The deal bolsters Nitro's e-sign capabilities, including support for Advanced Electronic Signature (AES) and Qualified Electronic Signature functionality, and the company sees opportunities for improving the Nitro Productivity Platform's existing e-sign capability.
Nitro co-founder and CEO Sam Chandler said the deal was a “milestone moment in Nitro's growth story.”
"With the acquisition of Connective, Nitro is in prime position to become one of the top three global players in the rapidly growing enterprise e-sign market, at a time where increased trust, security, and regulatory compliance are vital to business success. With data privacy and security at a premium, the future of e-signing is built around high-trust eID-driven solutions, and this acquisition positions Nitro to become a global leader in this space,” he said.
"Connective's Smart Document solution will also further bolster Nitro's offering, making document workflow automation easy, powerful, and available to all. 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. Nicolas and his team have built a world-class company that tightly aligns with our mission of delivering best-in-breed, high-value technologies with unparalleled customer service experience and we couldn't be more excited to welcome the entire Connective team to the Nitro family."
Connective CEO Nicolas Metivier said "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. 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."
When the transaction is complete, Connective will become an indirect subsidiary of ASX-listed, Nitro Software Limited. The complete Connective team is expected to join Nitro.
