OneSpan acquires ProvenDB to address customers’ secure vaulting needs | Guard Tech

OneSpan has agreed to accumulate ProvenDB to supply a belief mannequin for top assurance contracts and paperwork. ProvenDB will lengthen the capabilities of OneSpan’s Transaction Cloud Platform to each private and non-private blockchains and function a contemporary technological basis for top assurance enterprise processes for Web3.

ProvenDB has been on the forefront of growing safe storage, leveraging blockchain expertise that provides a layer of safety to stop information tampering or alteration of paperwork.

When data is added to ProvenDB, digital signatures are created and posted to an immutable public blockchain. ProvenDB’s safe storage and vaulting options present proof of the integrity, possession and creation date of crucial data.

OneSpan continues to execute its mission to ship simple and safe buyer experiences that make sure the integrity behind digital transactions and agreements. With this acquisition, OneSpan plans to mix ProvenDB’s expertise with OneSpan’s Transaction Cloud Platform to supply an built-in end-to-end assurance mannequin which features a safe repository for paperwork and artifacts that require the best ranges of compliance and assurance.

This extremely complementary acquisition expands OneSpan’s addressable market, solves prospects’ safe vaulting wants, and accelerates OneSpan’s management in securing digital agreements all through the shopper transaction lifecycle.

“Digital artifacts are just too simple 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 crucial that we now have non-repudiation and copies of the unique artifact with an immutable chain of custody all through your entire buyer journey,” stated Matthew Moynahan, President and CEO at OneSpan.

“Securing enterprise processes end-to-end leveraging blockchain expertise will play an more and more crucial function in preserving the integrity of digital transactions and agreements to gas this contemporary digital period. Now we have an bold plan to disrupt the digital settlement market and ProvenDB will speed up that plan. OneSpan’s mission, the main focus of our total go-to-market technique, is to revive belief and confidence in in the present day’s most crucial buyer experiences, reminiscent of revenue-generating transactions or buyer and vendor onboarding, and be certain that their integrity isn’t in query,” Moynahan continued.

“OneSpan’s experience in digital identification and agreements married with ProvenDB’s blockchain-backed storage options will allow a paradigm shift in belief and integrity for digital agreements,” stated Man Harrison, CTO at ProvenDB.

“We’re excited to hitch OneSpan to deliver our expertise to the digital settlement market,” Harrison added.

“We’re thrilled to announce the acquisition of ProvenDB by OneSpan,” stated Vinny Smith, Managing Companion at Toba Capital.

“This union brings collectively two trade leaders of their respective fields, leading to a robust mixture that may revolutionize how companies create reliable digital agreements. Now we have little question that ProvenDB’s cutting-edge blockchain expertise, paired with OneSpan’s experience in digital identification and authentication, will set a brand new normal for digital integrity and belief. We stay up for seeing the impression this acquisition could have on the trade,” Smith continued.

Phrases of the settlement weren’t disclosed, and the transaction is anticipated to shut through the first quarter of 2023, topic to customary closing circumstances.