Press release
OneSpan to Acquire Blockchain Technology Provider ProvenDB to Bring Secure Vaulting to the Future of Digital Transactions
Acquisition will serve as a foundational architecture for future blockchain-based digital transaction solutions for Web3 CHICAGO--(BUSINESS WIRE)-- OneSpan
About this update from Onespan Inc.
[{"type":"text","content":"\nAcquisition will serve as a foundational architecture for future blockchain-based digital transaction solutions for Web3\n\n CHICAGO--(BUSINESS WIRE)--\nOneSpan Inc. (NASDAQ: OSPN), the digital agreements security company, today announced that it has agreed to acquire ProvenDB, an Australia-based startup that delivers secure storage and vaulting for documents based on blockchain technology, to provide an industry-leading trust model for high assurance 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 technological foundation for high assurance business processes for Web3.\n\nProvenDB has been at the forefront of developing secure storage, leveraging blockchain technology that adds a layer of security to prevent data tampering or alteration of documents. When information is added to ProvenDB, digital signatures are created and posted to an immutable public blockchain. ProvenDB’s secure storage and vaulting solutions provide proof of the integrity, ownership and creation date of critical information.\n\nOneSpan continues to execute its mission to deliver easy and secure customer experiences that ensure the integrity behind 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 which includes a secure repository for documents and artifacts that require the highest levels of compliance and assurance. This highly complementary acquisition expands OneSpan’s addressable market, solves customers’ secure vaulting needs, and accelerates OneSpan’s leadership in securing digital agreements throughout the customer transaction lifecycle.\n\n“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 Matthew Moynahan, President and CEO at OneSpan. “Securing business processes end-to-end leveraging blockchain technology will play an increasingly critical role in preserving the in...