SYDNEY, AUSTRALIA: Nitro Software Limited has entered into a binding agreement to acquire Connective NV for an enterprise value of €70 million, cementing Nitro’s position as a global eSign and document productivity SaaS platform.
Connective NV is Belgium’s leading eSign SaaS business, with fast-growing market share in France and customers in 11 other European countries.
Connective’s business focuses on serving the needs of enterprise and government customers that require high levels of trust, security and regulatory compliance, while also offering expansive electronic identity (‘eID’) support and a powerful document workflow automation solution.
The acquisition is in line with Nitro’s product-driven strategy targeting the high-growth $17 billion eSigning market.
Connective’s market-leading solutions significantly accelerate and enhance Nitro’s eSign, eID and document workflow capabilities. The combination of Connective’s leading high-trust eSign capabilities and Nitro’s global go-to-market power positions Nitro to become the third global player in the enterprise eSign market.
Connective is forecast to achieve Annual Recurring Revenue (‘ARR’) of $6.1 million as at 31 December 2021 and FY2021 revenues of $7.1 million.
The acquisition will be funded by a A$140 million fully underwritten capital raising comprising an A$80 million Institutional Placement and a A$60 million Accelerated Non-Renounceable Entitlement Offer (‘ANREO’).
Sam Chandler, Co-Founder and Chief Executive Officer of Nitro, 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.
Connective adds highly secure, enterprise-grade eSigning, eID and workflow capabilities to Nitro’s existing eSign solutions at a time where increased trust, security, and regulatory compliance are vital to business success. With data security at a premium, the future of eSigning is built around high-trust eID-driven solutions, and this acquisition positions Nitro to become a global leader.
“Connective’s Smart Document product will further bolster Nitro’s platform, making document workflow automation easy, powerful and available to all. There are a multitude of opportunities to add Connective’s market-leading products to Nitro’s platform and drive additional demand through our global sales network and 12,000+ business customers.”