Overview
FRANKFURT – McDermott Will & Emery advised Fiducia & GAD IT AG on the acquisition of a stake in the Swiss FinTech YES.com AG. The investment is part of the digitization offensive of the cooperative FinanzGruppe. At the same time, the savings banks also secured shares in YES.com through Deutscher Sparkassenverlag (DSV).
Fiducia & GAD IT AG is the IT service provider of the cooperative FinanzGruppe. The company, with administrative headquarters in Karlsruhe and Münster as well as branch offices in Munich, Frankfurt and Berlin, has almost 6,600 employees and generates an annual consolidated turnover of around €1.5 billion. Fiducia & GAD’s customers include in particular around 900 credit unions (German Volksbanken and Raiffeisenbanken).
YES.com AG was founded in 2016 in Lachen, Switzerland; according to its own statements the company is working on “an ecosystem for digital identity”. With YES.com, users can register with third-party providers and pay or conclude contracts on the basis of their online banking login without having to create a new account.
McDermott has been advising Fiducia & GAD for many years, including on the sale of the Elaxy Group to the Swiss CREALOGIX AG.
The McDermott team was led by Michael Cziesla and Norman Wasse; Daniel Klein, Daniel von Brevern, Tobias Riemenschneider, Isabelle Müller, and Maximilian Baur.
About McDermott
McDermott Will & Emery is a premier international law firm with a diversified business practice. Numbering more than 1,000 lawyers, we have offices in Boston, Brussels, Chicago, Dallas, Düsseldorf, Frankfurt, Houston, London, Los Angeles, Miami, Milan, Munich, New York, Orange County, Paris, Seoul, San Francisco, Silicon Valley and Washington, DC. Further extending our reach into Asia, we have a strategic alliance with MWE China Law Offices in Shanghai.
