SAN FRANCISCO, July 7, 2020 /PRNewswire/ -- Amid increasing
demand for solutions that enable the remote completion of
agreements that traditionally required in-person contact, DocuSign
(NASDAQ:DOCU) today announced its acquisition of Austin-based startup, Liveoak Technologies,
for $38 million in an all-stock
transaction.
The news builds on the companies' existing partnership, where
DocuSign eSignature is integrated with Liveoak's secure
agreement-collaboration platform. Liveoak uses web-based
videoconferencing, rich collaboration features, identity
verification and other tools to help complete an auditable
transaction remotely—and it counts some of the world's largest
financial institutions as customers.
DocuSign plans to leverage Liveoak's technology and expertise to
accelerate the launch of DocuSign Notary, a new product in the
Agreement Cloud suite that focuses on remote online notarization
(RON)—where audio-visual technology is used to complete a notarial
act when the signers and the notary public are in different
places.
Slated for early-access availability later this summer, DocuSign
Notary will enable notarized transactions via video—something
increasingly supported by U.S. states' legislatures and executive
orders. DocuSign Notary will also augment the company's existing
eNotary offering, which enables a notary public to act as an
in-person witness to the electronic signing of documents.
As part of today's news, DocuSign will continue to offer
Liveoak's platform for remotely completing other "assisted
agreements"—such as account openings or virtual inspections—that
require in-person facilitation and an audit trail.
"DocuSign is practically synonymous with the electronic
completion of agreements from almost anywhere, on almost any
device," said DocuSign COO, Scott
Olrich. "But there is an important class of high-value
agreements that require the live participation of a notary or other
representative. With this acquisition, we intend to bring the
DocuSign experience to those agreements too—so signers and those
assisting can get business done no matter where they are."
"Given the state of technology today, people often wonder why
they still need to sign any document in-person—and the pandemic has
only exacerbated this concern," said Liveoak CEO, Tim Ramza. "We've been working to solve this
very issue for years, and we've had a strong partnership with
DocuSign as a result. By joining forces and fully integrating our
solutions now, we can bring the ease and simplicity of DocuSign to
the execution of notarized and other complex assisted
agreements."
For more information, visit docusign.com or
liveoak.net.
Media Relations:
Adrian
Wainwright
Head of Communications
media@docusign.com
Investor Relations:
Annie
Leschin
VP Investor Relations
investors@docusign.com
About DocuSign
DocuSign helps organizations connect
and automate how they prepare, sign, act on, and manage agreements.
As part of the DocuSign Agreement Cloud, DocuSign offers
eSignature: the world's #1 way to sign electronically on
practically any device, from almost anywhere, at any time. Today,
more than 500,000 customers and hundreds of millions of users in
over 180 countries use DocuSign to accelerate the process of doing
business and to simplify people's lives.
For more information, visit www.docusign.com
Forward Looking Statements
This press release contains forward-looking statements related
to DocuSign, Liveoak and the acquisition that are based on our
management's beliefs and assumptions and on information currently
available to management. These statements are subject to
substantial risks and uncertainties that could cause actual results
to differ materially from those expressed or implied by such
statements. Forward-looking statements include all statements that
are not historical facts and can be identified by terms such as
"will," "expects," "believes," or "continue" or the negative of
these words or other similar terms or expressions that concern our
expectations, strategy, plans or intentions. Forward-looking
statements in this press release include, among other things,
statements about the potential benefits of the transaction, our
ability to develop our Agreement Cloud platform and deliver product
innovation, new products and potential market opportunities, and
the timing for the expected closing of the transaction. Risks and
uncertainties include, among other things, risks related to our
ability to consummate the proposed transaction on a timely basis or
at all, including due to the satisfaction of the conditions to
closing; our ability to successfully integrate Liveoak's products,
technologies and operations; our ability to realize the anticipated
benefits of the proposed transaction, including the possibility
that those benefits will not be realized when anticipated, or at
all; the negative effects of the announcement or the consummation
of the proposed transaction on the market price of our common stock
or on our operating results; significant transaction costs; and
unknown liabilities.
Additional risks and uncertainties that could affect our
financial results are included in the sections titled "Risk
Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" in our quarterly report on
Form 10-Q for the quarter ended April 30,
2020 filed on June 5, 2020
with the Securities and Exchange Commission (the "SEC"), and other
filings that we make from time to time with the SEC. In addition,
any forward-looking statements contained in this press release are
based on assumptions that we believe to be reasonable as of this
date. Except as required by law, we assume no obligation to update
these forward-looking statements, or to update the reasons if
actual results differ materially from those anticipated in the
forward-looking statements.
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SOURCE DocuSign, Inc.