ID now, a Munich-based identity verification provider, has announced on Tuesday the acquisition of Wildcard Communication Services GmBH, the Leipzig-based subsidiary of the Wildcard Group, in an asset deal.
This came as the Wildcard Group has entered into insolvency following the missing €1.9 billion from its books. The top executives, including its former long-running CEO Marcus Braun, of the German fintech are now facing litigations for their alleged involvement in cooking the books.
The company cited a sharp increase in demand for its products as the reason behind this acquisition. With Wildcard assets, ID now is planning to enhance the service quality of its products, by increasing its responsiveness to customers
“With the integration of Wildcard Communication Services into ID nowD now Group, we are seizing the opportunity to further improve our range and service quality for our customersID now ID now CEO AnBodiesodczek said in a stateID now
ID now was also a clieWildcardldcard for more than five years.
“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 locationID now Bodczek added.
The new ownWildcarde Wildcard subsidiary will retain a majority of 150 employees working at the Leipzig office.
The collapse of the parent also put other global subsidiaries of the fintech up fTailback Railsbank agreed to acquire the UK business of the collapsed fintech, and while many potential buyers also lined up to acquire its Asian and North American subsidiaries.
“We are delighted to haID nowund in ID now 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 ID noweam at ID nowID now Amra Blume, managinWildcardor of Wildcard Communications Services, said.