German identity checker IDnow acquires French ARIADNEXT for $ 59 million, embarks on mergers and acquisitions – TechCrunch
IDnow, a German identity verification startup acquires ARIADNEXT, a French equivalent, specializing in remote identity verification and digital identity creation. No price has been released by either party, but TechCrunch understands from sources that the deal was around $ 59 million / € 50 million. Sources say IDnow is looking to make similar acquisitions.
IDnow says the combined entity will be able to provide a comprehensive identity verification platform, ranging from AI-based technology to human-assisted technology and online verification options at points of sale. IDnow offers its services in UK, France, Germany, Spain, Poland, Romania and other international markets, and says it plans to triple its revenue in 2021 compared to 2019.
The startup also claims that the pandemic has resulted in a 200% increase in the use of its products compared to last year, as businesses transition to digital processes.
Andreas Bodczek, CEO of IDnow, said in a statement: “This combination with ARIADNEXT is an important step towards our vision of building the pan-European leader in identity verification solutions as a service. With ARIADNEXT, in addition to our recent acquisition of Identity Trust Management AG, IDnow can provide our customers with an even broader product suite through a single platform with a seamless user experience.
Guillaume Despagne, President of ARIADNEXT, said: “We look forward to joining a team of IDnow’s caliber, combining our experience and skills to work towards our common vision of providing a secure and scalable pan-European solution to clients.
IDnow will keep the ARIADNEXT sites in Rennes, Paris, Madrid, Bucharest, Iasi and Warsaw, as well as its more than 125 employees. The acquisition is subject to regulatory approvals.
The acquisition means that IDNow is now on a par with the other big player in Europe, OnFido. TechCrunch understands that the company has achieved more than $ 50 million in revenue this year and expects to exceed its goal of $ 100 million in revenue for 2023.