Cybersecurity technology company OneSpan has inked a deal to acquire Australia-based blockchain technology provider ProvenDB for an undisclosed sum.

The transaction is anticipated to close during the first quarter of 2023 and is subject to customary closing conditions.

Through this acquisition, OneSpan said that it plans to combine ProvenDB’s technology with its Transaction Cloud Platform.

This will provide an integrated end-to-end assurance model which includes a secure repository for documents and artifacts.

This complementary acquisition aims to expand OneSpan’s addressable market, solves customers’ secure vaulting needs, and secure digital agreements throughout the customer transaction lifecycle.

Matthew Moynahan

“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.”

said Matthew Moynahan, President and CEO at OneSpan.

Guy Harrison

“OneSpan’s expertise in digital identity and agreements married with ProvenDB’s blockchain-backed storage solutions will enable a paradigm shift in trust and integrity for digital agreements.

We are excited to join OneSpan to bring our technology to the digital agreement market.”

said Guy Harrison, CTO at ProvenDB.

This article first appeared on Fintech News America.