OneSpan to Acquire Blockchain Technology Provider ProvenDB to Provide Secure Storage for Future Digital Transactions

OneSpan Inc. (NASDAQ: OSPN), a digital agreement security firm, today announced it has agreed to acquire ProvenDB, an Australian startup that provides blockchain-based secure storage and document storage to provide industry-leading trust. model for contracts and documents with a high degree of certainty. ProvenDB will extend OneSpan’s cloud-based transaction platform to both public and private blockchains and serve as a modern technology foundation for highly secure business processes for Web3.

ProvenDB is at the forefront of developing secure storage using blockchain technology that adds a layer of security to prevent data tampering or document modification. When information is added to ProvenDB, digital signatures are created and published on the immutable public blockchain. ProvenDB’s secure storage and storage solutions provide proof of the integrity, ownership, and creation date of sensitive information.

OneSpan continues to fulfill its mission of providing a simple and secure customer experience that ensures the integrity of digital transactions and agreements. Through this acquisition, OneSpan plans to combine ProvenDB technology with the OneSpan 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 level of compliance and assurance. This complementary acquisition expands OneSpan’s address market, addresses customer needs for secure storage, and accelerates OneSpan’s leadership in securing digital agreements throughout the lifecycle of customer transactions.

“Digital artifacts are too easy to fake, spoof or remove in the Web3 era, leading to security breaches and loss of trust in digital information. In this world of evidence tampering and deep forgeries, it is imperative that we have non-repudiation and copies of the original artifact with an unchanging chain of custody throughout the customer journey.” said Matthew Moynahan, President and CEO of OneSpan. “End-to-end security of business processes using blockchain technology will play an increasingly important role in maintaining the integrity of digital transactions and agreements that fuel the modern digital age. We have an ambitious plan to change the digital agreements market and ProvenDB will accelerate this plan. OneSpan’s mission, at the center 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 that they integrity was never questioned. ”

“OneSpan’s expertise in digital identity and agreements, combined with ProvenDB’s blockchain-based data storage solutions, will enable a paradigm shift in trust and integrity for digital agreements,” said Guy Harrison, CTO of ProvenDB. “We are excited to join OneSpan to bring our technology to the digital agreement market.”

“We are thrilled to announce the acquisition of ProvenDB by OneSpan,” said Vinnie Smith, Managing Partner at Toba Capital. “This alliance brings together two industry leaders in their respective fields, resulting in a powerful alliance that will revolutionize how companies negotiate trusted digital agreements. We have no doubt that ProvenDB’s cutting-edge blockchain technology, combined with OneSpan’s expertise in digital identity and authentication, will set a new standard for digital integrity and trust. We look forward to 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 normal closing conditions.