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Although the transaction amount was not disclosed, the Colombian user authentication startup Truora announced today that it had acquired the Brazilian startup that provides electronic signature services, ZapSign. This accession will see the authentication company integrate such service via WhatsApp, Web, or API, and the Brazilian startup will expand throughout Latin America.
This acquisition comes a month after Truora raised US$15 million in a Series A. Thus, it will integrate 22 ZapSign employees into its staff of 130 collaborators.
A boost for ZapSign and Truora
With ZapSign, Truora’s goal is to help companies connect and authenticate users on the digital channels they typically use. With this acquisition, they said in a statement, they will get people to use digital services.
They mentioned that the market for electronic signatures grew during the pandemic, as did “the need to simplify document signatures to help customers sell financial products digitally or simply to register new employees.” Now, with ZapSign’s services, they will be able to do so.
On the other hand, they assured that this move will lead ZapSign, which already had 8,000 clients in Brazil and 250,000 users, to improve its product for corporate clients and expand its services to more countries in Latin America. It has already started operating in Argentina, Bolivia, Chile, Colombia, Mexico, Peru, and Uruguay.
Daniel Bilbao, CEO of Truora, said that the organizational structure of the electronic signature startup will remain the same. There will be no changes in the roles of the main leaders.
The managers of both companies are convinced that with this union, Truora, which has around US$18.7 million in funding, is becoming “the most complete suite of tools in the user authentication market” for all industries.