Dealflo has recently announced its acquisition by OneSpan (previously VASCO Data Security). As a global leader in financial agreement automation software, Dealflo will be a valuable partner for the international bank authentication technology provider.
OneSpan CEO, Scott Clements, cited Dealflo’s identity verification capabilities as the strategy behind this acquisition – a tool which will enable OneSpan to accelerate the launch of its Trusted Identity platform.
Dealflo has enjoyed significant success in recent years prior to this acquisition. As well as consolidating its growing position in UK, the company has been rapidly expanding its presence in mainland Europe and China. CEO, Abe Smith, and his team have extended their offering into the mainstream mortgage contracts market and closed international partnerships with a number of major industry players.
Frog were delighted to back Dealflo on this journey towards partnership with OneSpan. Using their unique scale-up methodology, Frog have supported Abe and his team throughout this process; a key example being the introduction of Mark Fagan, who became COO soon after Frog invested.
Frog originally chose to back Abe and his team for three core reasons:
Market Size
Dealflo have the capability to work across a very broad market. Increased regulations and compliance now require all financial services firms to be more vigilant around security and identity fraud. They are looking to technology to increase transparency and efficiency.
Product
Dealflo’s vision for the market and product offering met a significant pain point of many large international players. With the rise of digital banking, Dealflo’s combination of frictionless customer experience and ID verification technology was certain to perform well in their market.
Scale-Up Stage
Dealflo was entering the core scale-up mode: internationalising, expanding sales & marketing, building their product and sealing key partnerships. As the scale-up CEO’s VC, Frog would be able to help Dealflo navigate this crucial, business-defining stage.
Frog have equally enjoyed working alongside Notion Capital (Stephen Chandler & Paddy Morris) and Holtzbrinck Ventures (Barbod Namini) to support Dealflo in the lead-up to this deal. It has been a pleasure to build such a great working relationship amongst investors as well as with Julian Howison, Abe’s original business angel backer.
