DocMagic has acquired eSignSystems, the electronic signature and e-vault division of Wave Systems Corp., for $1.2 million, the companies announced Thursday.
DocMagic, of Torrance, Calif., will integrate several of eSignSystems' products, including its flagship SmartSAFE platform. SmartSAFE enables companies to manage business processes entirely online. Additional products that will now be part of DocMagic's offerings are SmartIDENTITY, which validates signers in real time; SmartFORMS, which generates proper and personalized forms; and SmartCLOSE, which simplifies the MERS eRegistry integration.
Founded as SignOnline in 1999, eSignSystems was acquired by Wave Systems in 2001. The vendor provides life-cycle management of electronically signed, legally binding documents, legal contracts and digital transactions.
In addition, eSignSystems' technology is widely used on a private-label basis by a variety of technology developers. Vendors that have white-labeled eSignSystems' technology include the loan origination system provider Ellie Mae; the doc prep vendors Compliance Systems Inc., DocuTech and SigniaDocs; and the document management provider Xerox Mortgage Services.
"The acquisition of eSignSystems is a marriage of talented people with incredible SaaS and on-premise products and services," Dominic Iannitti, president and chief executive officer of DocMagic, said in a press release.
As part of the transaction, the entire management team of eSignSystems will join DocMagic, including co-founder and current executive vice president Kelly Purcell, according to the press release.
Earlier this year, the Federal Housing Administration started accepting electronic signatures on all mortgage insurance endorsement and servicing documents, and agreed to take e-signatures on promissory notes.