Stuttgart, May 3, 2022
targens GmbH, expert consultants for banking, compliance and digital innovation, sells its mySaveID business unit to the consulting and IT company msg on May 1, 2022.
msg, headquartered in Munich and with locations in 31 countries, will further develop the pioneering service for digital identities and scale it in the market. The internationally operating group of companies has in-depth knowledge of the structures, trends and challenges in a wide range of industries - from automotive, banking and insurance to manufacturing, travel & logistics and the public sector. With its excellent market access in many sectors and proven technology and consulting expertise, msg offers the ideal conditions for continuing the mySaveID success story.
High potential for secure handling of digital identities in the B2B sector
The mySaveID service developed by targens is a solution for confirmed personal and corporate identities. It allows trustworthy digital identities to be created and managed quickly, securely and cost-effectively in the B2B sector. As an end-to-end solution, this technology takes care of all services: from the creation and management to the release of identity data to third parties, to its use for qualified electronic signatures, through to its integration into business processes. For example, a syndicated loan agreement worth 750 million euros with international bank participation could already be concluded digitally for the first time in a fully automated manner with mySaveID as part of a pilot project in 2019.
“In view of highly networked business processes with numerous players, more and more companies are planning to use self-sovereign identities. This is because they play a key role in the digital transformation," says Dr. Stephan Frohnhoff, CEO of msg. "With mySaveID, targens has developed an intelligent solution with enormously high potential. We are proud to be able to continue this innovative service and expand it by bringing it into the process landscape and establishing networking for the comprehensive use of identities. We expect the demand for secure digital identification to simplify business relationships between companies, people and machines to continue to grow in the future."
Strategic partnership focuses on customer added value
With the current transaction, targens and msg are continuing their long-standing strategic partnership. The companies will continue to work closely together to offer customers the greatest possible added value and an even more comprehensive selection of innovative solutions and services. The sale will also see the employees working in the business unit transferring to msg. The team at msg's Stuttgart location will advance the service both in terms of regulatory aspects and the desired certification as a trust service provider in accordance with eIDAS, and will also provide the operational and service infrastructures by expanding the business unit's headcount.
“We have been very closely associated with msg for many years and I am pleased to know that all employees as well as the innovation product mySaveID, which we developed, are in the best hands at msg,” says Dr. Lars A. Ludwig, Managing Director of targens GmbH. “msg is a company with a deep-rooted affinity for new technologies and has extensive experience in successfully establishing digitalization trends in the market. We are convinced that the mySaveID identity service, which was launched at our company in 2018 and has been further developed with promising pilot projects, will continue its successful course under the umbrella of this experienced industry specialist.”
