McDermott Advises Atruvia on Merger of Verimi and Yes Identification Service Providers
Frankfurt a.M., November 29, 2022 – International law firm McDermott Will & Emery advised Atruvia AG on the merger of the identification services and ID wallet providers, Verimi and Yes.
Together with DZ Bank and other financial institutions, Atruvia will be one of the 25 shareholders of the new company. Through the merger, the companies aim to establish an ecosystem for digital identities in Germany.
Yes.com ID portal is supported by Sparkassen, Volksbanken and Raiffeisenbanken. Verimi GmbH has been held by, inter alia, Allianz and Deutsche Bank as well as Axel Springer, Bundesdruckerei, Volkswagen, Mercedes-Benz, Deutsche Bahn and Lufthansa.
In 2022, the two providers have so far processed over 10 million transactions through their infrastructure.
Atruvia AG is the digitization partner of Genossenschaftliche FinanzGruppe, employing over 4,800 people and with revenues of EUR 1.31 billion in 2021.
The McDermott team advising Atruvia AG was led by Corporate partner Michael Cziesla, and included partner Renate Prinz, counsel Dr. Christian Marzlin and associates Dr. Marion von Grönheim, Lisa Schickling and Kai Grandpierre.
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