Brands and services around the world are spending billions of dollars to increase the in-coming traffic to their sites or apps. But, attracting more visitors is not the secret sauce to increasing growth, what makes a difference is actually converting those visitors to users. Still most brands and services invest a minimum, if at all, in their user onboarding processes. This is where rapidly growing tech company Checkin.com Group comes in.
Checkin.com Group was ranked Sweden’s most successful IPO so far in 2021 by the Swedish leading business magazine Dagens Industri. This after a 359% share price increase during the first month as a listed company. Checkin.com Group has also communicated quite ambitious goals for its growth with a 86% YoY growth plan up until 2025, which if achieved would lead to a turnover of about EUR 50 million.
“It was fantastic to see the great interest for investing in the growth of our company and we are very grateful for the trust received from both institutional investors and the general public. Now we will continue to work hard, execute on our growth strategies and attract the best talents to fulfill our growth plans on our long-term journey of building Checkin.com Group”, comments Kristoffer Cassel, CEO and co-founder.
Checkin.com Group has since founded shown capital efficient and organic growth which are important pillars for building long-term success. But to reach their goals the company also executes an active acquisition strategy, adding technologies and strong teams within specialized key areas that strengthens their portfolio of checkin solutions. The first step in that strategy was taken when Checkin.com Group announced the acquisition of Estonian tech company GetID.
The AI-driven image recognition technology identifies users in a matter of seconds with a frictionless solution for rapid document verification and face matching. It identifies over 900 passports and types of documents and supports more than 190 countries creating a truly global identification service.
“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 becoming one company, have a very good shot at radically changing how users checkin to products and services across the globe”, explains Dmitri Laush, founder and CEO of GetID.
The GetID solution fits well with Checkin.com Groups overall vision to enable more users to connect with brands and services they like. Following Checkin.com Group’s previously communicated growth strategy the company plans to stay aggressive within m&a going forward.
“GetID has a fantastic team that in a relatively short time frame has built innovative and amazing software based on AI for image recognition. We did not acquire them only for what they already have achieved, but more because we believe that the technology for image recognition will be an important part of the puzzle in our long-term vision for Checkin.com Group. It is through the technical advantage we will continue to deliver value to both our customers and shareholders. Now we focus on identifying other technology areas for suitable acquisition candidates that further strengthens our offering”, concludes Kristoffer Cassel.