With the support of Tinexta, on September 22, a strategic agreement has been signed between InfoCert SpA and AuthadaGmbH, Digital Identity Provider based in Darmstadt, Germany.
Authada is active in the financial, telecommunications and sports betting markets and is currently expanding into the insurance, eCommerce and eHealth sectors. Authada has been financed by FinLab AG, listed venture capital company, and Main Incubator GmbH, an early stage investor and R&D company of Commerzbank Group.
The agreement signed defines the terms of a strategic collaboration between InfoCert and Authada, including the localization of InfoCert’s leading Digital Enterprise Solutions for the German Market and their integration with Authada’s advanced eID identification solution.
Certified by the Bundesamt für Sicherheit in der Informationstechnik, the German Federal Office for Information Security, the advanced Authada APP is the only privately-owned technology permitted to instantaneously read data stored on German electronic identity cards. Such cards, already used by over 90% of the population in Germany, will arrive at complete national coverage by the end of 2020.
This strategic partnership with Authada has exceptional potential to expand to significant mutual benefit over the next three years. The German market is central to our plans to expand our Digital Trust business. Moreover, the technological assets of Authada will greatly enrich Tinexta’s offer and enable cross European commercial expansion.
Pier Andrea Chevallard – Tinexta’s CEO
The entry of Authada into Tinexta Group represents another important expansion of InfoCert’s footprint into the strategic DACH area. The operation signed today will also allow us to offer, anywhere in the 20 countries where we are present, a wider set of innovative technological capabilities that will further enhance digital service security for citizens, companies and institutions. This transaction with Authada allows us to advance the creation of a European Champion of Digital Trust Services, to manage sensitive data of citizens, companies and institutions in full compliance with European regulations.
Danilo Cattaneo – InfoCert’s CEO
We are pleased about the partnership with InfoCert and the resulting strategic benefits. It allows us to combine the highly innovative and technologically leading solutions of both companies and thus create a unique service offering for the national and international markets.
Andreas Plies – Authada’s CEO and Co-Founder
As the first institutional investor in and supporter of Authada, we are very pleased to welcome on board InfoCert and Tinexta Group to Authada as strategic partner. It’s a perfect match and not only will InfoCert and Authada strongly benefit from this collaboration but their customers as well!
Stefan Schütze – FinLab´s Board Member
The strategic agreement foresees the following:
- Authada’s current shareholders have committed to undertaking a capital increase;
- InfoCert is participating as lead investor in this capital increase and has paid a modest seven-figure consideration in exchange for a 16.7% participation in the form of special shares that guarantee certain preferential rights;
- Finally, InfoCert has been granted call options that may be exercised following the approval of 2021 and 2022 results that will permit to arrive at 100% control of Authada, given certain conditions.
An Advisory Board will be constituted, which will be made up of representatives of Authada management, FinLab and InfoCert, that will meet periodically to review and approve all major decisions within Authada.