ID Now is Looking at Germany’s Largest Fintech Exit at 1 bn US$
In our exclusive interview with ID Now we talked to the CEO about their recent acquisitions, including France-based Ariadnext, backed by a Corsair Private Equity fund. Today a report emerged that the company has hired investment bank Goldman Sachs to look for a buyer at a 900 m € valuation (~ 1 bn US$). The company’s revenue is currently growing by 40% organically, plus acquisitions. The forecasts see a combined revenue of 70 mn Euros at the end of 2022, which lead to a multiple of around 13 for the potential acquisition.
Below you will find the interview from July 2021 in which we talked about options for ID Now, including a potential SPAC deal.
EXCLUSIVE — IDnow Talks About Their Acquisition of Ariadnext
We are growing organically 50–60% year over year right now organically.
Andreas Bodczek, CEO IDnow
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The CEO
This time we have a rarity on our channel because Andreas Bodczek (https://www.linkedin.com/in/andreasbodczek/) is not a founder, but an early investor in the company, which became later the CEO of IDnow. Andreas has been an early business angel, investing in IDnow. So he has been involved in the company for quite some time before he took the job as external CEO.
Andreas has been with Bertelsmann, where he worked with dial-up internet connections, building one of the broadest platforms for broadband and Voice-over-IP services in Germany. He later moved to become the CEO of Telefonica Germany (https://www.telefonica.de/) and co-founded Fyber (https://www.fyber.com/ ), which they build up in Germany, the US, and several more companies. They sold the company in 2014.
Andreas is also a board partner with Point Nine Capital (https://www.pointnine.com/), a Berlin-based VC fund focused on platforms and SaaS.
We will conclude most of the integration work streams of Identity TM at the end of this year.
Andreas Bodczek, CEO IDnow
The Startup
IDnow (https://www.idnow.io/products/idnow-videoident/) is an online identification service provider, that helps banks, insurance companies, and other companies to verify the identity of their clients remotely. This has not always been the case in Germany, but IDnow was one of the early companies providing this service.
Today IDnow has amongst their clients some well-known names like N26, Solaris Bank or Sixt, Western Union, Tier Mobility, and WeFox.
The startup grew early with a strong focus on financial services companies, starting when the German regulator moved to allow so-called “video idents.”
Now IDnow extends its services across industries, products, and countries. The acquisition of France-based Ariadnext (https://www.ariadnext.com/) fits in the category of extending in countries, to expand their footprint in France.
SPAC Deal?
From our conversation, we took that IDnow has SPAC offers at hand, still evaluating their options.
The Video Interview
The Audio Interview Podcast
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Further Readings / Additional Resources
BaFin https://en.wikipedia.org/wiki/Federal_Financial_Supervisory_Authority
Bertelsmann https://en.wikipedia.org/wiki/Bertelsmann
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The Interviewer
This interview was conducted by Jörn “Joe” Menninger, startup scout, founder, and host of Startuprad.io. Reach out to him:
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