DocuSign acquires Liveoak Technologies for $38M for online notarization – ProWellTech
Even in the best case, finding a notary can be a challenge. In the midst of a pandemic, it’s even more difficult. DocuSign announced it had acquired Liveoak Technologies today for approximately $ 38 million, offering the company an online authentication option.
At the same time, DocuSign has announced a new product called DocuSign Notary, which should ease the notarial requirement by allowing it to take place online along with the electronic signature. As we go into the pandemic, companies like DocuSign that allow workflows to happen completely digital are in greater demand than ever. This new product will be available for early access later in the summer.
The deal made sense since the two companies already had a partnership. Liveoak brings together live videos, collaboration tools and identity verification that allow the parties to obtain the notary authorization as if you were sitting at the desk in front of the notary.
Typically, you may get a document that requires your signature. Without electronic signature, it is necessary to print it, sign the document, scan it and return it. If you require a notary, you must sign it in the presence of the notary, who requests a visit in person. All of this can be simplified with an online workflow, which DocuSign is providing with this acquisition.
It’s like the perfect acquisition of a pandemic, which makes a manual process digital and saves people from having to make face-to-face transactions at a time when it can be dangerous.
Liveoak Technologies was founded in 2014 and is part of the startup scene in Austin, Texas. The company raised just under $ 28 million over its lifetime as a private company. The company recently raised $ 8 million with a post-money valuation of $ 30.4 million, according to Pitchbook data. Given the amount that DocuSign paid for the startup, it seems to have gotten a real deal.
This acquisition is part of a growing trend towards the acquisition of a pandemic in which the largest public companies are seizing early start-ups, in some cases at relatively affordable prices. Among recent acquisitions, Apple purchased Fleetsmith and ServiceNow acquired Sweagle last month.