FileCloud Acquires Signority, Adding e-Signature and Advanced Document Workflow Capabilities to its Product Portfolio

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May 23, 2024, 10:30 ET

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)

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 3^rd 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, [email protected]

SOURCE FileCloud