E-signature platform developer DocuSign has bought US-based remote transaction technology provider Liveoak Technologies in a $38m all-share deal enabling several insurance firms to exit.
Liveoak has built a cloud software platform that facilitates the secure completion of deals remotely, through features like streamlined form editing and the detailed recording of any changes to an agreement.
The product is already integrated with the DocuSign eSignature platform, and DocuSign intends to use Liveoak’s technology to support the launch of its video notary service, DocuSign Notary, later this year.
The deal comes after $13.3m in funding for Liveoak, including $2.5m in 2017 from investors including insurers Manulife, Northwestern Mutual and Prudential, the latter two through their Northwestern Mutual Future Ventures and Gibraltar Ventures units.
Techstars Venture Capital Fund, Math Venture Partners, Zelkova Ventures and Glenn Shimkus also took part in the 2017 round.
S3 Ventures subsequently led an $8m round for the company in June 2019 that also featured insurance provider State Farm’s investment arm, State Farm Ventures, as well as Northwestern Mutual Future Ventures, Seven Peaks Ventures, Wild Basin Investments and Broadhaven Capital Partners.