Documo, a technology company focused on building next-generation document workflow solutions, has announced they will be selling company ownership stakes in the form of an Equity Token. The company will begin the offering May 16, 2018 and will offer tokens until July 15, 2018, or until their allocation sells out. The funds raised will be used to fuel growth of existing products and support the development and launch of their new Secure Document Exchange Network (SDEN).
Documo had been privately funded with investors that include David Hauser, founder of Grasshopper (acquired by Citrix) and Chargify (acquired by ScaleWorks), and John Redgrave, former COO of Lattice Data (acquired by Apple). The Documo team, led by founder and CEO Matt Herrera, launched mFax last year, a secure cloud faxing solution. mFax has been gaining significant traction as a replacement to outdated IP Fax solutions. To further disrupt the fax and, more broadly, the document workflow industry, the Documo team has turned their attention to blockchain technology.
“We believe the blockchain will have tremendous value in the document space. A lot of our current business is concentrated in regulated industries such as healthcare and permissioned-blockchain technology can be the foundation for a next generation of secure document workflow products,” says Matt Herrera. “We decided to launch this ETO to fuel growth as we push towards launching our next product, a new Secure Document Exchange Network built on a private blockchain network.”
The company has publicly announced the SDEN project for the first time as part of their offering announcement. Unlike a majority of ICO-funded blockchain projects, Documo has decided not to separate this project from its existing revenue-producing business.
“Simply put, we believe the future of the token economy is about democratizing access and promoting transparency with financial instruments,” continued Herrera, “We don’t think separating the business is in the best interest of our current or future investors. If we succeed, our investors succeed, and that’s how it should be.”
The Documo Token (DCMO) is anticipated to be an ERC-20 compliant Security Token which will be listed on future exchanges that support the trading of tokenized securities. More information on Documo’s ETO can be found on their website at https://www.documo.com/investors/eto. The ETO is only open to Accredited Investors as defined by SEC Rule 501 under Regulation D. However, after a 1 year lock up period, tokens can be traded or exchanged without restriction. Documo also has an investor presentation slide deck which can be found here.
Any questions in regards to their announcement can be sent to [email protected]