DocuSign continues agreement cloud expansion with Liveoak Technologies acquisition
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."
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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.
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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.
SOURCE DocuSign, Inc.