FileCloud expands digital workflow capabilities with acquisition of Signority
FileCloud, a prominent leader in content governance and collaboration for unstructured data, announced its strategic acquisition of Signority, a Canadian-based e-Signature and document workflow platform. This acquisition marks a significant expansion for FileCloud, enhancing its suite of digital transaction solutions and establishing a stronger presence in Canada.
Signority, renowned for its secure and automated digital signature technology, is SOC 2 and CSA STAR Level 2 compliant, making it a prime acquisition for FileCloud, which has been actively looking to broaden its technological horizons and customer base. The deal is set to leverage FileCloud’s global platform for additional scale, growth, and efficiency.
Strategic Integration and Market Expansion
Signority has carved out a niche in providing solutions for the most intricate e-Signature and document workflow challenges in regulated industries, particularly within Canada. This acquisition by FileCloud is expected to merge well with FileCloud’s existing solutions, providing a comprehensive approach to content management that is hyper-secure and compliant with international standards.
FileCloud acquires Signority, enhancing digital workflows and e-Signature solutions for global compliance.
“Remote work and the push towards digitalization has expanded customer requirements for supporting digital workflows with their enterprise content,” explained Ray Downes, CEO of FileCloud. “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.”
Jane He, CEO of Signority, also commented on the acquisition, “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.”
Enhancing Compliance and Governance
The acquisition is particularly timely, as more businesses seek to comply with stringent regulatory standards like the E-Sign Act and 21 CFR Part 11 in the US, as well as UETA in the EU. FileCloud’s acquisition of Signority aims to simplify these challenges, offering a streamlined, secure solution that adheres to industry-specific and jurisdictional requirements.
This strategic move is expected to be accretive to FileCloud’s annual recurring revenue (ARR) and cash flow starting in the fiscal third quarter of 2024. Signority’s technology streamlines e-Signature process automation and reduces document management costs, thereby enabling customers to focus more effectively on their core business activities.
FileCloud’s acquisition of Signority represents a strategic extension of its capabilities in the digital content governance sphere, enhancing its ability to provide end-to-end solutions that are not only efficient but also compliant with global standards. This move is set to reinforce FileCloud’s position as a leader in managing enterprise file sharing, privacy, compliance automation, and governance across varied cloud environments.