Dealflo, a tech vendor serving motor finance and leasing markets in the UK, was bought by US firm OneSpan for £41m (€46.76m).
OneSpan, formerly Vasco Data Security, works in digital identity security, transaction security, and business productivity.
Dealflo sells workflow management systems which automate customer interactions throughout a lease.
OneSpan said that it bought Dealflo, as it had achieved significant success in providing platforms to the consumer motor finance and asset financing sectors in the UK.
Dealflo is headquartered in London with its development centre in Montreal, the home of OneSpan’s largest development centre. The two firms have integrated into each others platforms and share a customer base, including leading financial institutions and organizations such as BMW, Santander, BNP Paribas and Mercedes Benz.
“The combination of two leading providers of solutions for agreement automation creates a strong offering for customer onboarding,” said Aite Group’s Retail Banking and Payments Research director, Julie Conroy. “Financial institutions in particular have a growing demand for onboarding automation solutions and coming from OneSpan, a leading provider in the financial services industry, this will make for a very compelling offering in the market.”
“This acquisition will enable us to grow our subscription revenue and Dealflo’s technology will be a major differentiator for our eSignLive solution,” said Vasco chief executive, Scott Clements. “In addition, Dealflo’s identity verification capabilities will allow us to accelerate the launch of our TID platform based onboarding, identity and anti-fraud solutions.”
“The entire Dealflo team is thrilled that we are joining a leader in the financial services segment that can accelerate growth of our solution and expand into new regions where OneSpan is very well-established,” stated Dealflo founder and chief executive, Abe Smith. “We have a deep history with OneSpan Sign and look forward to working together and expanding our integration into OneSpan’s powerful and innovative Trusted Identity platform.”