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Lessons from Signicat’s impressive growth: Building a Centaur
Signicat, a leading provider of digital identity solutions, has become one of the most impressive success stories in the Viking Venture portfolio. Since we invested in 2008, the company has demonstrated continuous growth, from $600 000 in annual recurring revenue (ARR), to recently surpassing $100 million. This achievement has placed Signicat among the elite private cloud companies recognized on Bessemer Venture Partners’ prestigious Centaur List, a milestone resembling unicorn status.
Gunnar Nordseth, the co-founder and CEO during the first decade of the journey of Signicat, has navigated the company through pivotal growth phases. We sat down with Gunnar to discuss Signicat’s growth, the role of Viking Venture in their success, and the lessons learned along the way.
Header image: Gunnar Nordseth, Co-founder of Signicat
The early days: A partnership built on trust
In 2008, Signicat was a small team of just five people with a promising product but a need for investment to scale. That’s when they crossed paths with Viking Venture, a partnership that would prove instrumental in their journey.
– My first impression of Viking Venture was that they were professional, knowledgeable, and asked all the right questions. Also, I remember completing the due diligence process was a lot of work, Gunnar recalls with a smile.
Despite investing just before the financial crisis, Viking Venture recognized Signicat’s long term potential and provided the resources to fuel its expansion.
Scaling up: Adapting to growth challenges
Signicat’s growth was not linear but marked by different challenges at every stage. The company grew from five employees to 20, then 100, and eventually over 200. With each milestone, new obstacles emerged.
– The challenges of being a Norwegian company differed from those of becoming a European player. What was unique about Viking Venture was how they adapted alongside us. They evolved with our needs and remained part of the journey, which was impressive, says Gunnar.
He adds that beyond capital, Viking Venture provided knowledge, experience, guidance, and access to great networking opportunities. This long-term support helped Signicat navigate the complexities along the growth journey.
Building a scalable business model
One of Signicat’s key success factors has been its scalable business model, which ensures that growth is driven by increasing customer adoption.
– A scalable model isn’t just about selling more to new customers—it’s also about expanding usage within existing accounts. We created a pricing structure where customers pay a fixed fee and then scale based on volume. This way, as our customers succeed and grow their business, so do we. We added an extra dimension to upselling and cross-selling, which stuck.
In addition, by balancing customer-driven innovation with a strong technological foundation, Signicat has consistently delivered solutions that met market demands while ensuring sustainable growth.
Expanding across Europe: The key to International success
For Signicat, expanding internationally was about more than just translating a product—it required adaptability and a deep understanding of local market needs.
– We had to adapt our product to fit each market’s digital identity landscape. This not only made it easier for customers to adapt, but it also created barriers for competitors to do the same.
Signicat developed a one-stop-shop approach for European clients, including large banks and global players like American Express, to succeed at scale. The product must be adaptable and scalable while maintaining a unique value proposition.
Beyond product adaptability, their multi-channel sales strategy—combining direct sales, digital marketing, partnerships, and reseller networks—was crucial in driving market penetration.
Stepping back to move forward: Gunnar’s transition from CEO
After leading Signicat from a five-person startup to a 200+ employee enterprise, Gunnar made the decision to step down as CEO while remaining a key part of the management team.
– As the company grew, my role became more about management and less about what I truly enjoyed—product strategy, positioning, and market analysis. When a company reaches a certain size, specialization becomes essential. I wanted to focus on what I do best while bringing in someone with leadership experience from running larger organizations.
This move allowed Gunnar to continue shaping Signicat’s long-term product vision while entrusting operational leadership to a CEO suited for the next growth stage.
Lessons for founders: How to scale a SaaS business
Reflecting on Signicat’s journey, Gunnar shares his key takeaways for founders looking to scale their own companies:
- Find a business model that scales in multiple dimensions – Not just by acquiring new customers but by growing revenue from existing ones.
- Be customer-driven but balance it with innovation – Technology, for technology’s sake, doesn’t work; customer feedback should guide development.
- Make your product adaptable for international markets – Flexibility and localization are critical to scaling beyond your home country.
- Develop multiple sales channels – Don’t rely solely on one method; use a mix of direct, inbound, and partner-driven sales.
- Stay open to evolving leadership roles – As your company grows, the skills needed to lead it will change. Be ready to adapt.
The Road Ahead for Signicat
With over $100 million in ARR, Signicat has established itself as a dominant player in digital identity. Looking ahead, the company focuses on further expansion and innovation in secure digital transactions. Signicat’s journey from a small Norwegian startup to a European market leader is a testament to the power of strategic growth, the right investor partnerships, and the ability to evolve with changing market demands.