Acquisition will serve as infrastructure Future blockchain-based digital transaction solutions for Web3
Chicago, January 26, 2023–(BUSINESS WIRE)–OneSpan Inc., the digital protocol security company (NASDAQ: OSPN), announced today that it has agreed to acquire ProvenDB, an Australia-based start-up providing blockchain-based Secure document storage and custody, with an industry-leading trust model for high-value customers. Warranty contracts and documents. ProvenDB will extend the capabilities of OneSpan’s transactional cloud platform to public and private blockchains and serve as the modern technology foundation for Web3 high-assurance business processes.
ProvenDB has been at the forefront of developing secure storage, utilizing blockchain technology to add a layer of security to prevent data tampering or alteration of documents. When information is added to ProvenDB, digital signatures are created and published to an immutable public blockchain. ProvenDB’s secure storage and custody solutions provide proof of the integrity, ownership and date of creation of critical information.
OneSpan continues to deliver on its mission to provide a simple, secure customer experience and ensure the integrity of digital transactions and agreements. Through this acquisition, OneSpan plans to combine ProvenDB’s technology with OneSpan’s Transaction Cloud Platform to provide an integrated end-to-end assurance model that includes a secure repository for documents and artifacts requiring the highest levels of compliance and assurance. This highly complementary acquisition expands OneSpan’s addressable market, addresses customers’ secure storage needs, and accelerates OneSpan’s leadership in securing digital agreements throughout the customer transaction lifecycle.
“In the age of Web3, digital artifacts are all too easy to manufacture, alter or delete, leading to security breaches and a loss of trust in digital information. In this world of evidence tampering and deepfakes, non-repudiation is critical.” Matthew M. Matthew Moynahan said: “Securing end-to-end business processes using blockchain technology will play an increasingly important role in maintaining the integrity of digital transactions and agreements to drive this modern digital age. We have an ambitious plan to disrupt the digital protocol market, and ProvenDB will accelerate this plan. OneSpan’s mission, the focus of our entire go-to-market strategy, is to restore trust and confidence in today’s most critical customer experiences, such as revenue-generating transactions or customer and supplier onboarding, and ensure their integrity is never compromised. question. “
“The combination of OneSpan’s expertise in digital identities and agreements with ProvenDB’s blockchain-powered storage solutions will enable a paradigm shift in the trust and integrity of digital agreements,” said Guy Harrison, ProvenDB CTO. Excited to join OneSpan and bring our technology to the digital protocol market.”
“We are pleased to announce the acquisition of ProvenDB by OneSpan,” said Vinny Smith, Managing Partner at Toba Capital. “This alliance brings together two industry leaders in their respective fields, forming a powerful combination that will revolutionize the way enterprises create trusted digital agreements. We firmly believe that ProvenDB’s cutting-edge blockchain technology and OneSpan’s leadership in digital identity and identity The combined expertise in verification will set a new standard for digital integrity and trust. We look forward to seeing the impact this acquisition will have on the industry.”
Terms of the agreement were not disclosed, and the transaction is expected to close in the first quarter of 2023, subject to customary closing conditions.
About Doba Capital
Toba Capital is an early-stage investment firm helping create incredible technology companies. Toba looks for businesses with long-term growth potential and teams with the potential to fundamentally change markets for the mutual benefit. Toba Capital takes a firm and practical approach to venture capital. The firm has a single LP evergreen fund structure, which means its processes and investment scope are closely aligned with the teams it backs. Toba Capital, founded in 2012 by Vinny Smith, has offices in Los Angeles and Newport Beach.
ProvenDB uses blockchain technology to create a fully trustworthy database. An immutable version of the database state is anchored to the blockchain, providing unparalleled data integrity. The ProvenDB Compliance Vault is a tamper-resistant store for compliance data and other documents built on the ProvenDB database engine. ProvenDB is located in Melbourne, Australia.
OneSpan helps organizations accelerate digital transformation by enabling secure, compliant, and refreshingly effortless customer agreement and transaction experiences. Organizations that require high-assurance security, including the integrity of end users and the fidelity of the transaction records behind each agreement, choose OneSpan to simplify and secure business processes with their partners and customers. Trusted by blue-chip businesses around the world, including more than 60% of the world’s 100 largest banks, OneSpan processes millions of digital agreements and billions of transactions annually in more than 100 countries.
For more information, visit www.onespan.com.you can also follow @OneSpan Follow us on Twitter or visit us on LinkedIn and Facebook.
This press release contains forward-looking statements within the meaning of applicable U.S. securities laws, including statements regarding: the anticipated acquisition of ProvenDB; whether and when the acquisition will close; our plans regarding the use of ProvenDB technology and the combination of ProvenDB technology and OneSpan solutions; Anticipate the impact and results of the acquisition. Forward-looking statements can be identified by words such as “seek,” “believe,” “plan,” “estimate,” “anticipate,” “anticipate,” “intend,” “continue,” “outlook,” “may,” etc., “will”, “should”, “may” or “may” and similar expressions. These forward-looking statements involve risks and uncertainties, and assumptions, which, if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Factors that could materially affect our business and financial results include, but are not limited to, the factors described in the “Risk Factors” section of our Annual Report on Form 10-K, which consists of our Form 10-Q for the quarter ended June 30, 2022 The “Risk Factors” section of the quarterly report is updated. Our filings with the Securities and Exchange Commission (“SEC”) and other important information can be found on the Investor Relations section of our website at investors.onespan.c. Except as required by law, we do not intend and undertake no obligation to update forward-looking information to reflect events, circumstances or changes in our expectations after the date of this press release.
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