Munich-based IDnow, a startup that provides machine-learning technology for its Identity Verification-as-a-Service (IVaaS) platform, has announced the acquisition of identity Trust Management AG – provider of digital and offline identification solutions.
This is IDnow’s second acquisition in the last six months. In September 2020, the company had acquired Wirecard Communication Services – a consultation and information services firm.
Prior to that, in December 2020, the European Investment Bank (EIB) invested €15M as growth funding in IDnow. The raised capital was primarily to support IDnow’s research and development (R&D) activities and for international expansion.
With these recent developments, IDnow is making its path to becoming the leading provider of identity platforms in Europe.
What service does identity Trust Management provide?
According to the LinkedIn profile of the company, it was founded in approx 2011 by Uwe Stelzig and Johannes Meerloo. identity Trust Management is a provider of digital and offline identification solutions as well as technology and software provider of certified identification processes for individuals and legal entities.
The SaaS platform provide identification services such as eIDAS compliant, certified and privacy-compliant KYC processes for all industries. Its customers include market leaders such as Deutsche Telekom, 1&1, WEB.DE, GMX, OTTO, R+V, HUK, CosmosDirekt, BMW, SWK Bank, VW, Audi, Bundesdruckerei and Telefonica.
Aim of the acquisition
Identity Trust Management claims to have established itself as a key player in the German identity market in the last ten years, with a strong portfolio of clients across the telecommunications and insurance sectors.
With this transaction, the company looks to expand the portfolio of verification methods offered via the IDnow platform. Both companies come together to offer one of the broadest sets of identity verification methods available in the European market. It ranges from automated to human-assisted and from mainly online to point-of-sale methods that will be made available via the unified IDnow platform.
As for IDnow, the acquisition will enable the platform to expand into new industry verticals and provide its services to a broader customer base throughout Germany and beyond.
Speaking on the acquisition, Andreas Bodczek, CEO at IDnow, says, “Identity Trust Management has built an impressive company both in terms of product portfolio and client relationships. 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.”
IDnow will retain identity Trust Management AG’s Düsseldorf location as well as its employees.
With its Identity Verification-as-a-Service platform, IDnow aims to make the connected world a safer place. The company claims to provide secure, remote auto & video identification, and electronic signature services. This enables companies to acquire customers and manage transactions faster and easier while complying with Know Your Customer (KYC) and anti-money laundering (AML) regulations.
The company was founded in 2014 by Armin Bauer, Dennis von Ferenczy, Felix Haas, and Sebastian Baerhold.
IDnow uses artificial intelligence (AI) to check all security features on ID documents and can, therefore, reliably identify forged documents. The company claims to verify the real-time identities of more than 7 billion customers from 193 different countries.
Some of its customers include leading international companies from various industries such as Bank of Scotland, BNP Paribas, Commerzbank, eventim, Sixt, solarisbank, Telefonica Deutschland, UBS, and Western Union. Besides, fintechs such as Fidor, N26, smava, and wefox are also its customers, among others.
The company is backed by VCs including Corsair Capital, BayBG, Seventure Partners, and G+D Ventures, as well as a group of renowned business angels.