IDnow has continued its march towards becoming an identity verification powerhouse by making its second acquisition in six months, snapping up digital and offline identification firm Trust Management AG for an undisclosed sum.
Munich-headquartered IDnow had previously carved Wirecard Communication Services from the remains of disgraced German payment processing behemoth Wirecard, which collapsed last summer amidst a multi-billion dollar fraud scandal.
IDnow said the Trust Management AG acquisition would help it move into new industry verticals and expand its customer base in Germany and further afield. As part of the deal IDnow will keep Identity Trust Management AG’s office location in Düsseldorf, along with its employees.
“identity Trust Management AG has built an impressive company both in terms of product portfolio and client relationships,” said Andreas Bodczek, CEO at IDnow.
“We have known the leadership team for years and have established a partnership rooted in deep loyalty and mutual understanding. We are excited to welcome identity Trust Management AG’s talented team to the IDnow family and look forward to combining the strengths of both companies to create a unified, market-leading brand.”
identity Trust Management AG has built up a client base across the telecommunications and insurance industries, selling software that certifies identification processes for individuals and legal entities.
Meanwhile, IDnow provides a suite of identity verification solutions, including some that are automated. The regtech’s current clients include the likes of UBS, Commerzbank, N26 and Tier Mobility.
The verification business said the identity Trust Management acquisition marked a “significant milestone” on its quest to become “one of the leading identity platforms in Europe”.
“This combination unites the power of IDnow’s innovative technology with identity Trust Management AG’s diverse set of capabilities to create a differentiated identity verification platform,” said Uwe Stelzig, CEO at Identity Trust Management AG.
“Together, we will be well-positioned to achieve our joint vision of providing clients with a unique, one-stop solution for identity verification.”
The news comes on the back of IDnow bagging a €15m cash injection from the European Investment Bank in December, aiming to use the funds to boost its research, development and international expansion plans.