FileCloud reinforces its position as a front-runner in workflow
automation and compliance simplification.
AUSTIN,
Texas, May 23, 2024 /PRNewswire/ -- FileCloud, a
leader in content governance and collaboration for unstructured
data, announced today the acquisition of privately held Signority,
a Canadian-based e-Signature and document workflow platform.
Signority, an SOC 2 and CSA STAR Level 2 compliant company,
provides organizations with a secure, end-to-end automated digital
signature that enables seamless digital transactions. Signority is
the perfect fit for FileCloud's key acquisition criteria with its
competitive technology and loyal customer base. This acquisition
presents an opportunity for FileCloud to utilize its global
platform for additional scale, growth, and efficiency and establish
a strong foothold in Canada, in
addition to its ever-expanding global presence.
![FileCloud Acquires Signority (E-signature Platform) FileCloud Acquires Signority (E-signature Platform)](https://mma.prnewswire.com/media/2420011/FileCloud.jpg)
Thousands of organizations leverage FileCloud solutions to
manage hundreds of petabytes of business-critical data, while
satisfying compliance and governance requirements. Signority, a
Canadian-owned and operated company, on the other hand, has built a
business focused on helping customers solve the most complex
e-Signature and document workflow problems in regulated industries.
The two solutions' complementary nature, along with both
organizations' shared focus on being customer centric and providing
best in class customer support, enables FileCloud to simplify
end-to-end content management for customers in a hyper-secure and
compliant way. Additional synergies, such as a shared focus on data
residency, have been of critical importance for both organizations.
For FileCloud, the ability to empower enterprises to securely store
and manage data within their geographic boundaries has been a major
competitive advantage for quite some time. For Signority, Canadian
customers have been guaranteed the peace of mind that all data is
stored within Canada, in a
hyper-secure way.
"Remote work and the push towards digitalization has expanded
customer requirements for supporting digital workflows with their
enterprise content," said FileCloud CEO, Ray Downes. "e-Signature represents a key
component within our customer's content lifecycle management and
workflows. This acquisition will help us accelerate our impact for
customer digitalization, enabling them to meet compliance
requirements for sensitive content processing."
Compliance is a key driver for content sharing, collaboration,
and governance platform selection by customers. Regulations such as
the E-Sign Act and 21 CFR Part 11 in the US (and the UETA in the
EU) are highlighting the need to fulfill digital signature
requirements across a range of verticals. This, combined with
industry-specific and jurisdictional regulatory requirements means
that customers have the challenge of ensuring that their content
handling processes are compliant across multiple dimensions.
FileCloud simplifies the efforts needed to meet these
requirements.
"We are extremely proud of what we've been able to achieve as a
business," said Jane He, CEO,
Signority. "As part of FileCloud, I'm confident that Signority will
thrive in the next chapter of its journey. Not only will the
combined portfolio provide great benefits to customers and
partners, but the cultural and strategic alignment will provide an
ecosystem for global scaling and success. The complementary nature
of our product portfolios means that we will be able to broaden the
use cases we can address for customers with a range of content
compliance and governance requirements."
Transaction Details
FileCloud acquired Signority in a
private transaction in concert with its lead investor, Savant
Growth. The transaction is expected to be accretive to ARR and cash
flow, beginning in the fiscal 3rd quarter of 2024.
About Signority
Signority streamlines e-Signature
process automation and reduces document management costs, enabling
customers to better focus on their business. Signority powers
online document signing, faster deal closure, and unified document
management.
To learn more about how Signority can help your organization,
get in touch by visiting Signority.com.
About FileCloud
FileCloud is a leader in content
governance and collaboration for unstructured data, trusted and
used worldwide across Global 1000 enterprises, educational
institutions, government organizations, and service providers.
FileCloud helps customers solve complex challenges in enterprise
file sharing, privacy, compliance automation and governance across
public, private and hybrid cloud environments.
To learn more about how FileCloud can help your organization
execute on its content collaboration, governance, and compliance
strategy, get in touch by visiting FileCloud.com.
CONTACT: Noemi Toth,
noemi.toth@filecloud.com
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SOURCE FileCloud