OneSpan snaps up Aussie blockchain technology provider, ProvenDB
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 a industry-leading trust. model for high insurance contracts and documents. 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.
