- OneSpan is acquiring blockchain-based document storage company ProvenDB.
- The purchase will help OneSpan add document storage to its existing product offerings.
- Terms of the agreement, which is expected to close this quarter, were not disclosed.
Digital agreements security company OneSpan agreed to acquire blockchain-based document storage company ProvenDB. Financial terms of the deal were not disclosed.
Headquartered in Australia, ProvenDB was founded in 2018. The company provides a blockchain-based database that enables users to store data, cryptographic signatures, documents, and more. The company also offers a product that adds proof, trust, and integrity to clients’ existing databases.
Under the agreement, ProvenDB will enhance OneSpan’s Transaction Cloud Platform to public and private blockchains. Integrating ProvenDB’s technology into OneSpan’s existing offerings will also add a new product offering that provides customers with secure vaulting capabilities and helps OneSpan secure digital agreements.
“Digital artifacts are simply too easy to fabricate, tamper, or delete in the era of Web3 leading to security breaches and loss of trust in digital information. In this world of evidence tampering and deep fakes, it is critical that we have non-repudiation and copies of the original artifact with an immutable chain of custody throughout the entire customer journey,” said OneSpan President and CEO Matthew Moynahan. “Securing business processes end-to-end leveraging blockchain technology will play an increasingly critical role in preserving the integrity of digital transactions and agreements to fuel this modern digital era. We have an ambitious plan to disrupt the digital agreement 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 vendor onboarding, and ensure that their integrity is never in question.”
The transaction is expected to close the first quarter of this year.
Founded in 1991 and formerly known as VASCO, OneSpan offers a range of digital identity and anti-fraud solutions. The Chicago-based company authenticates four billion users each year and counts 60% of the world’s largest banks as clients. OneSpan went public in 1997 and has a current market capitalization of $540 million. Matt Moynahan is CEO.
