Financial automation service Dealflo has been acquired for £41m in cash by a US firm.
OneSpan, formerly VASCO Data Security, is the digital identity, transaction security and business productivity provider, that bought the London-based company.
The news comes after Dealflo announced a £10m Series B round led by venture capital firm Holtzbrinck Ventures, with additional funds from Notion Capital and Frog Capital, in February last year.
“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,” said Dealflo founder and CEO 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,” Smith added.
VASCO CEO Scott Clements said the acquisition will help his company grow its subscription revenue.
“Dealflo’s technology will be a major differentiator for our eSignLive solution,” he noted, adding: “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.”