Wave Systems Corp. (NASDAQ: WAVX) announced that it has sold eSignSystems – a leader in lifecycle management software for eDelivery, eSignature and eRentention – to California-based DocMagic, Inc., a leading provider of loan and document preparation solutions for the mortgage industry, in an all cash deal for $1.2 million. eSignSystems has been a division of Wave since 2001.
“The sale of eSignSystems is an important step in our strategy to focus our resources on our core business objectives. Wave remains committed to providing cutting edge cybersecurity solutions for our customers that provide strong authentication and encryption management based on a hardware root of trust,” said Bill Solms, President and CEO of Wave. “As a founding member of the Trusted Computing Group, Wave has long been a champion of hardware-based cybersecurity solutions.”
“With the sale of eSignSystems,” Solms said, “Wave is better positioned to refocus assets on pursuing targeted market segments for its current solutions, including the most recently launched Wave Virtual Smart Card 2.0, as well as accelerating the development of new solutions. This is a positive step in our plan to complete a realignment of the company for the purpose of greater business efficiency.”
“The acquisition of eSignSystems by DocMagic is a marriage of extraordinarily talented and visionary people with incredible SaaS and on premise expertise and robust products and ser-vices,” said Dominic Iannitti, President and CEO of DocMagic. “We are very pleased that this is a mutually beneficial event for both WAVE and DocMagic.
Security Research Associates of San Francisco, CA served as M&A advisors to Wave for this sale.
eSignSystems, a division of Wave Systems Corp. (NASDAQ:WAVX), is a leading provider of lifecycle management of electronically signed, legally binding documents, contracts and digital transactions. SmartSAFE enables companies to manage business processes and transactions entirely online. Organizations can address certain regulatory compliance issues, improve productivity and efficiency in processing transactions, and achieve significant cost savings through the elimination of document transportation costs, processing and storage. For more information, visit www.esignsystems.com.