IDnow acquires Wirecard Communication Services
Munich-based identity verification provider takes over Wirecard Communication Services
MUNICH and LEIPZIG, Germany, Sept. 1, 2020 /PRNewswire/ -- IDnow, a leading provider of Identity Verification-as-a-Service solutions and Wirecard Communication Services GmbH announce the signing of an agreement for the acquisition of Wirecard Communication Services by IDnow. IDnow will retain the Leipzig location preserving the majority of employees.
With Wirecard Communication Services, IDnow will focus on providing identity services and continue to build additional capacity for the strong growth of IDnow identification processes. In light of organic growth in digital services as well as the added needs related to restrictons imposed by the COVID-19 pandemic, IDnow is experiencing a sharp increase in demand for its digital verification procedures. The acquisition is intended to enhance the service quality of IDnow products and thus further increase the responsiveness for customers and cut waiting times.
Wirecard Communication Services GmbH was established on April 29, 2003, and is part of the Wirecard Group. In a structured investor process, Wirecard Communication Services GmbH was offered for sale by way of an asset deal. IDnow and Wirecard Communication Services have already been working together successfully for more than five years.
At a staff meeting on Monday afternoon, the insolvency administrator, attorney Dr. Nils Freudenberg from Tiefenbacher Insolvency Administration, announced the takeover to the staff of Wirecard Communications Services. The first step will be to provide the employees with appropriate qualifications and to adapt the technical infrastructure. Following this realignment, the Leipzig location will be expanded in a targeted way and integrated into the IDnow processes in order to enable even faster implementation of projects as well as further technical development of the Ident services.
"With the integration of Wirecard Communication Services into the IDnow Group, we are seizing the opportunity to further improve our range and service quality for our customers. We have worked in close collaboration with this division of the company for several years and greatly appreciate the qualifications and experience of its employees. We are on a strong growth path and will maintain and further develop the Leipzig location," says Andreas Bodczek, CEO of IDnow.
"We are delighted to have found in IDnow a buyer who appreciates and knows our company and has such a friendly culture. Personally, I am very pleased to stay on board and work in the team at IDnow," says Amra Blume, Managing Director Wirecard Communications Services.
With its Identity Verification-as-a-Service (IVaaS) platform, IDnow has set out to make the connected world a safer place. IDnow's unmanipulable identity verification is used across industries conducting online customer interactions that require a high degree of security. IDnow uses Artificial Intelligence to check all security features on ID documents and can therefore reliably identify forged documents. Potentially, the identities of more than 7 billion customers from 193 different countries can be verified in real-time. In addition to safety, the focus is also on an uncomplicated application for the customer. Achieving five out of five stars on the Trustpilot customer rating portal, IDnow technology is particularly user-friendly.
IDnow covers a wide range of use cases both in regulated sectors in Europe and for completely new digital business models worldwide. The platform allows the identity flow to be adapted to different regional, legal, and business requirements on a per use case basis.
IDnow is supported by venture capital investors Corsair Capital, BayBG, Seventure Partner, G+D Ventures as well as a consortium of renowned business angels. Its portfolio of over 250 customers includes leading international companies from various industries such as Bank of Scotland, BNP Paribas, Commerzbank, eventim, Raisin (Weltsparen), Sixt, solarisBank, Telefonica Deutschland, UBS and Western Union as well as fintechs such as Fidor, N26, smava, and wefox.
+49 89 41324 6054