STid, a leading European provider of contactless identification solutions, has announced a €20 million funding round from investment firm Capital Croissance.
According to the company, this funding will enable it to pursue its ambitious growth plan while maintaining its independence.
The operation was decided to accelerate STid’s innovation in the field of secure access control, particularly internationally, thus ensuring its market lead.
Vincent Dupart, STid CEO, commented: “With the support of Capital Croissance, STid is accelerating its development and making investments that are in line with the actions taken over the past five years.
“We will intensify our international development, particularly in the US, Canada, Europe, the Middle East and in Asia, while improving the quality of our services in our historical markets.
“In addition, we will continue to invest in the development of trusted technologies that have made our success: certified and interoperable solutions such as Systems Security Certified Practitioner (SSCP).”
STid says that it is driven by strong growth dynamics, both in France and globally, thanks to a strong close relationship with its partners.
The company has seen its turnover grow by 100% over the last three years, reaching €29 million in 2023.
In 2022 and 2023, the business made two strategic acquisitions (SpringCard and Unicacces) resulting in significant growth.
STid highlights that it has updated its growth plan by integrating new perspectives following the group’s expansion.
It is strengthening its investments to guarantee the availability and support of its offer to its new network of partners.
STid says that it will accelerate its research and development investments to support its innovation policy and defend its status as the most awarded brand in the sector, while strengthening the sales and support teams.
To achieve its objectives, this year STid plans to expand its teams by integrating 18 new employees in addition to deploying new training programs and initiatives dedicated to quality of life at work.