CHICAGO–(BUSINESS WIRE)–OneSpan Inc. (NASDAQ: OSPN), the digital deal security company, today announced that it has agreed to acquire ProvenDB, an Australia-based startup that provides secure document storage and vaulting based on blockchain technology, to provide an industry-leading trust model for contracts and documents with high security. ProvenDB will extend the capabilities of OneSpan’s Transaction Cloud Platform to both public and private blockchains and serve as a modern technology foundation for high-security business processes for Web3.
ProvenDB has been at the forefront of developing secure storage, leveraging blockchain technology that adds a layer of security to prevent tampering with data or altering documents. When information is added to ProvenDB, digital signatures are created and posted to an immutable public blockchain. ProvenDB’s secure storage and vault solutions provide proof of the integrity, ownership and creation date of critical information.
OneSpan continues to deliver on its mission to deliver simple and secure customer experiences that ensure the integrity of digital transactions and agreements. With 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 that require the highest levels of compliance and security. This highly complementary acquisition expands OneSpan’s addressable market, addresses customers’ secure vault needs, and accelerates OneSpan’s leadership in securing digital deals throughout the customer transaction lifecycle.
“Digital artefacts are simply too easy to fabricate, tamper with or delete in the Web3 era, leading to security breaches and loss of trust in digital information. In this world of evidence tampering and deep forgery, it is critical that we have non-repudiation and copies of the original item with an immutable chain of custody throughout the customer journey,” said Matthew Moynahan, president and CEO of OneSpan. “Securing business processes end-to-end by leveraging blockchain technology will play an increasingly critical role in preserving the integrity of digital transactions and agreements to power this modern digital era. We have an ambitious plan to disrupt the digital deal market, and ProvenDB will accelerate that 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 in question. ”
“OneSpan’s expertise in digital identity and agreements married with ProvenDB’s blockchain-backed storage solutions will enable a paradigm shift in trust and integrity for digital agreements,” said Guy Harrison, CTO at ProvenDB. “We are excited to join OneSpan to bring our technology to the digital appointment marketplace.”
“We are thrilled to announce the acquisition of ProvenDB by OneSpan,” said Vinny Smith, Managing Partner at Toba Capital. “This union brings together two industry leaders in their respective fields, resulting in a powerful combination that will revolutionize how businesses create trusted digital agreements. We have no doubt that ProvenDB’s cutting-edge blockchain technology, together with OneSpan’s expertise in digital identity and authentication, 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 during the first quarter of 2023, subject to customary conditions.
About Toba Capital
Toba Capital is an early stage investment firm committed to helping create incredible technology companies. Toba looks for companies capable of long-term growth and teams with the potential to fundamentally change markets for the common good. Toba Capital has a high conviction and practical approach to venture investments. The firm has a single LP evergreen fund structure, meaning its process and investment horizons are highly aligned with the teams it supports. Toba Capital was founded in 2012 by Vinny Smith and has offices in Los Angeles and Newport Beach.
About ProvenDB
ProvenDB uses Blockchain technology to create a completely trusted database. Immutable versions of database state are anchored to the Blockchain, delivering unparalleled data integrity. ProvenDB Compliance Vault is a tamper-proof store for compliance data and other documentation built on the ProvenDB database engine. ProvenDB is based in Melbourne, Australia.
About OneSpan
OneSpan helps organizations accelerate digital transformations by enabling secure, compliant and refreshingly simple customer agreements and transaction experiences. Organizations that demand high security, including the integrity of end users and the credibility of transaction records behind every deal, choose OneSpan to simplify and secure business processes with their partners and customers. Trusted by global blue-chip companies, including more than 60% of the world’s 100 largest banks, OneSpan processes millions of digital agreements and billions of transactions in over 100 countries annually.
For more information, go to www.onespan.com. You can also follow along @OneSpan on Twitter or visit us on LinkedIn and Facebook.
Forward-looking statements
This press release contains forward-looking statements under applicable US securities laws, including statements regarding: the anticipated acquisition of ProvenDB; whether and when the acquisition will be completed; our plans regarding the use of ProvenDB technology and the combination of ProvenDB technology with OneSpan solutions; and the impact of, and results from, the expected acquisition. Forward-looking statements can be identified by words such as “seek”, “believe”, “plan”, “estimate”, “anticipate”, “expect”, “intend”, “continue”, “prospect”, “may”, ” will”, “should”, look forward” “could” or “could” and other similar expressions. These forward-looking statements involve risks and uncertainties, as well as assumptions that, if not fully materialized or proven incorrect, could cause results to differ ours 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 updated by the “Risk Factors” section of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022. Our filings with the Securities and Exchange Commission (“SEC”) and other important information can be found in the Investor Relations section of the website our at investors.onespan.c o m. We have no intention, and disclaim any obligation, to update the forward-looking information to reflect events that occur, circumstances that exist or changes in our expectations after the date of this press release, except as required by law.
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