Wave Systems Completes Sale of eSignSystems for $1.2M
Lee, MA – October 16, 2014 – 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 services," 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.
About Security Research Associates
Security Research Associates (SRA) was founded in San Francisco in 1980 and today offers both investment banking and institutional brokerage services. A boutique firm by design, SRA works with a select group of portfolio managers from around the country and focuses on technology and life science companies in the micro and small cap arenas. For more information, visit www.sracap.com.
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.
About Wave Systems Corp.
Wave Systems Corp. (NASDAQ: WAVX) reduces the complexity, cost and uncertainty of data protection by starting inside the device. Unlike other vendors who try to secure information by adding layers of software for security, Wave leverages the security capabilities built directly into endpoint computing platforms themselves. Wave has been a foremost expert on this growing trend, leading the way with first-to-market solutions and helping shape standards through its work as a board member for the Trusted Computing Group.
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