Provable Things, the company backing the Oraclize blockchain oracle, gets acquired by Poseidon Group
London, United Kingdom. Release: May 2019 — Provable Things (previously known as Oraclize) and Poseidon Group are glad to announce the merger of their business operations to make decentralized applications available to the larger public.
Poseidon Group is a Swiss holding company backing multiple projects in the space, most notably Eidoo, a modern cryptocurrency wallet designed for the larger public.
Following up to its previous investment in the company, Poseidon Group is betting once again on the success of the London-based startup focused on providing the so-called blockchain oracle service.
Blockchain oracles are an infrastructure tool essential for decentralized applications to grow, have a concrete impact and communicate with the real world. Provable is a pioneer in this field, providing the longest-running blockchain oracle service, which is a safe data-transport-layer for smart contracts to fetch external data from Web APIs. Provable has been operating such service since 2015 and over 1 thousand blockchain projects have been built on it.
Thomas Bertani, founder of Provable Things, comments the acquisition as an important milestone for the company and remarks on the strategic importance of the operation: “Poseidon Group willingness to increase its controlling position over the company is a major achievement and an endorsement of the goals we have reached, while granting us resources to progress. Poseidon Group understands the benefits our service creates for the entire ecosystem and wants to contribute to pushing decentralized applications to the next level”.
The acquisition of Provable Things is in line with the intention of the holding group in boosting companies across a variety of verticals in the industry. It is the result of a long collaboration between the two entities, that share the same values and have partnered on multiple occasions. The M&A operation is part of a greater strategic move for both Provable and Poseidon’s ecosystem of companies, which will lead to a closer collaboration between Provable and Eidoo.
Natale Ferrara, a majority shareholder of Poseidon Group, shares some thoughts on the acquisition: “Here at Poseidon Group, we have followed with interest the activity of Provable since its inception. We believe Provable has a great ability to build simple yet powerful services across multiple blockchains — something which is perfectly in line with our value proposition”.
Provable is refining its offering to meet evolving market needs — the founder Thomas Bertani has announced last month during the EthCC conference in Paris the path lying ahead of Provable, a new version of the Oraclize widely adopted blockchain oracle that promotes a security-oriented model and interoperability with a variety of networks. Provable aims to provide a seamless experience for companies building data-rich applications on any blockchain.
This new strategy for Provable fits nicely with the main values of Poseidon Group, that promotes a secure, yet easy access to blockchain platforms and their tools. Poseidon’s Eidoo, for example, is focused in providing a simple and secure cross-blockchain interface for users to manage cryptocurrencies.
Natale Ferrara concludes commenting the operation with enthusiasm over the future of blockchain technology: “Blockchain is bringing to life unique opportunities while enabling us to redesign the way multiple verticals work. The acquisition of Provable represents both an investment on blockchain oracles — a critical component for the ecosystem to flourish — and a way for the group’s two major companies to benefit from each other. In fact, as part of the operation, we foresee significant benefits for both Provable’s user base and Eidoo’s token holders.”.
Note: The company has now rebranded into Provable.