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OneSpan is buying blockchain-based doc storage firm ProvenDB.The acquisition will assist OneSpan add doc storage to its current product choices.Phrases of the settlement, which is predicted to shut this quarter, weren’t disclosed.
Digital agreements safety firm OneSpan agreed to amass blockchain-based doc storage firm ProvenDB. Monetary phrases of the deal weren’t disclosed.
Headquartered in Australia, ProvenDB was based in 2018. The corporate gives a blockchain-based database that allows customers to retailer knowledge, cryptographic signatures, paperwork, and extra. The corporate additionally provides a product that provides proof, belief, and integrity to purchasers’ current databases.
Below the settlement, ProvenDB will improve OneSpan’s Transaction Cloud Platform to private and non-private blockchains. Integrating ProvenDB’s know-how into OneSpan’s current choices may even add a brand new product providing that gives prospects with safe vaulting capabilities and helps OneSpan safe digital agreements.
“Digital artifacts are just too straightforward to manufacture, tamper, or delete within the period of Web3 resulting in safety breaches and lack of belief in digital data. On this world of proof tampering and deep fakes, it’s vital that we have non-repudiation and copies of the authentic artifact with an immutable chain of custody all through all the buyer journey,” stated OneSpan President and CEO Matthew Moynahan. “Securing enterprise processes end-to-end leveraging blockchain know-how will play an more and more vital position in preserving the integrity of digital transactions and agreements to gasoline this contemporary digital period. We’ve got an bold plan to disrupt the digital settlement market and ProvenDB will speed up that plan. OneSpan’s mission, the main focus of our whole go-to-market technique, is to revive belief and confidence in in the present day’s most crucial buyer experiences, resembling revenue-generating transactions or buyer and vendor onboarding, and be certain that their integrity is rarely in query.”
The transaction is predicted to shut the primary quarter of this yr.
Based in 1991 and previously often known as VASCO, OneSpan provides a spread of digital identification and anti-fraud options. The Chicago-based firm authenticates 4 billion customers annually and counts 60% of the world’s largest banks as purchasers. OneSpan went public in 1997 and has a present market capitalization of $540 million. Matt Moynahan is CEO.
Picture by MART PRODUCTION
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