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VASCO buys financial agreement automation services provider Dealflo for £41M

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VASCO buys financial agreement automation services provider Dealflo for £41M

VASCO Data Security Inc., a provider of digital identity security, transaction security and business productivity solutions, has acquired Dealflo Ltd for £41 million ($54.5 million) in cash.

Dealflo is a London-headquartered privately held provider of identity verification and end-to-end financial agreement automation solutions.

Dealflo's agreement automation platform enables the integration of multiple third-party solutions for financial transaction management. The company has partnerships with several identity verification providers, including Equifax Inc., iovation Inc. and Mitek.

In addition, as a result of the Dealflo deal, VASCO increased its full-year 2018 outlook for revenue and lowered guidance on adjusted EBITDA. The company now expects revenue of $201 million to $211 million; and adjusted EBITDA of $15 million to $19 million. The company previously expected revenue of $197 million to $207 million and adjusted EBITDA of approximately $21 million to $25 million for 2018.

Separately, VASCO announced that it is changing its name to OneSpan and introduced its trusted identity platform. The platform provides companies with a single platform to reduce onboarding and transaction-related fraud.