France-based e-signature solution Yousign has acquired Canyon, a document and workflows automation specialist. The first acquisition by Yousign comes on the back of its 30-million Series A round seven months earlier. The Caen-headquartered company is looking at expanding beyond its core e-signature solution and offer document automation to better serve the needs of SMBs.
Founded in 2013 by Luc Pallavidino and Antoine Louiset, the company helps SMBs execute agreements in a fast and secure way by offering them a highly-secured contract automation platform. With this new acquisition, the e-signature leader has entered the document automation market, valued at €20 billion in Europe. The company aims to equip 50,000 European SMBs with its e-signature solution by 2024 and reach annual recurring revenue of at least €70 million. Yousign currently has over 8,000 customers and more than 3 million monthly signers in France, Germany, Italy and Poland.
“Acquiring Canyon will strengthen our position as a market leader by propelling the company into a new dimension. We want to cover the entire document automation value chain and additional acquisitions could very well be on the cards in the near future," Alban Sayag, COO and M&A Head, Yousign said.
The Canyon technology will be fully integrated within the Yousign platform and will enable SMBs to respond to a variety of use cases that go beyond e-signature. Yousign’s customers will be able to automate internal documents-based processes end-to-end, from generation to negotiation, signature, storage and all the way to reporting.
Founded in 2020 by Adrien van den Branden and Thomas Vanderstraeten in Belgium, Canyon's core mission is to automate administrative and legal work. Canyon targets SMBs with up to 1,000 employees and is already used by organisations such as Aircall, Spendesk and Le Wagon.
Adrien van den Branden, CEO and Co-Founder, Canyon said: “Today SMBs spend too much time doing mundane admin and legal work that could be automated. We can't wait to help Yousign's 8,000+ customers save countless hours in their document processes through automation.”
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