July 8, 2020: The Electronic agreement management and digital signature solution provider giant DocuSign takes over Liveoak Technologies as announced on Tuesday. The all-stock purchase closed the deal at $38M.
DocuSign is focusing on the new technology of providing an online Notarization option. The company announced the new product DocuSign Notary aimed to simplify the notarization process by moving it online where the notarization happens online and gets it signed digitally.
The current pandemic situation has made organizations go digital and, this would be the best purchase in the market. The need for companies to help go digital is increasing every day. The process of notarization is usually performed manually but not digitally. To save time cost and make the process faster. The new technology will be the next thing to look at in the coming days.
Liveoak technology was partnered with DocuSign already as the company provides live video, collaboration tool, and identity verification solution. The acquisition will help DocuSign to have its notarization process done through online video and get it signed digitally.
The acquisition is the part of big companies buying startups in this pandemic situation. However, this seemed to be the perfect buy in recent times. The new launch of the product is going hand in hand with the acquisition of the company.
Liveoak Technology is the Texas-based startup founded in 2014. It has raised a total of $28 million in its life from different funding and, it recently raised $8 million in 2019. The total valuation last year for the company was $30.8 million. The current buy from DocuSign shows the perfect buyer with the price.
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