IDnow has strengthened its offering through the signing of a new agreement with Wirecard Communication Services.
The deal will see the firm acquire Wirecard Communication Services and retain the Leipzig location preserving the majority of the 150 employees.
With Wirecard Communication Services, IDnow will enhance its focus on providing identity services and continue to build additional capacity for the strong growth of IDnow identification processes.
Andreas Bodczek, CEO of IDnow commented: “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.”
The UK’s Financial Conduct Authority (FCA) recently implemented a host of restrictions on Wirecard AG, following the digital payment processing firm’s decision to file for insolvency in its home market of Germany.
The FCA detailed that Wirecard UK must cease any regulated market activities, with the financial services regulatory body emphasising that Wirecard is restricted from disposing of any assets and funds during its period of investigation.
Amra Blume, Managing Director Wirecard Communications Services added: “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.”
The acquisition builds on the already strong relationship that existed between the two firms and allows IDnow to further 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 restrictions 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.