Posted March 05, 2021
OneTrust, the heavily funded data privacy, governance, and compliance company, has acquired DocuVision, an AI-powered platform used to find and redact sensitive data in large volumes of documents and emails. Terms of the deal were not disclosed.
The acquisition represents the first notable activity from Atlanta, Georgia-based OneTrust since its recent $300 million raise, which valued the company at more than $5 billion.
Businesses have fallen under increasing scrutiny and pressure to comply with a growing array of data privacy regulations, including GDPR in Europe and CCPA in California, while any enterprise wishing to be taken seriously by potential clients must demonstrate an ability to safeguard all manner of private and confidential information.
Founded in 2016, OneTrust is one of many startups that have emerged to capitalize on the demand for data privacy tools, both for regulatory compliance and customer peace of mind. The company offers a self-assessment tool that helps its customers see how close they are to complying with legal frameworks such as GDPR, as well as “data mapping” to show companies how data is flowing through the organization and across borders. Throw into the mix a suite of products for marketers, such as cookie compliance, consent management, and breach response tools, and it’s clear OneTrust has been bolstering its arsenal of automated smarts to cater to the burgeoning $80 billion data privacy market.
Founded out of Berkeley, California in 2019, Docuvision serves companies with tools to automatically discover personally identifiable information (PII), such as names, social security numbers, and potential passwords. With its Redacted.ai product, companies can automatically redact more than 100 different types of personal information, including signatures, logos, and images of faces — which is what OneTrust is essentially buying.
Alongside the acquisition news, OneTrust announced that it has launched a new integrated product that builds on its existing capabilities — called OneTrust Data Redaction — aimed at privacy, legal, and information security departments. The company said it has created the “first fully automated data subject rights (DSAR) workflow, including intake, ID verification, discovery, redaction, and secure response,” according to a press release.