Box Unravels Its Response to the $ 3.8 Billion Electronic Signature Market: Box Sign – TechCrunch

Cash register launched its new native e-signature product Box Sign on Monday, which provides e-signature capability and unlimited signatures as part of Box’s business and business plans at no additional cost.

The launch comes five months after the Redwood City, California-based company agreed to acquire start of electronic signature SignRequest for $ 55 million.

Box CEO Aaron Levie told TechCrunch that the company is already securing content management for 100,000 businesses, and Box Sign represents “an innovative product for the company,” a new category in which Box can help customers. with business processes.

“We are building a content cloud that drives the lifecycle of content so that customers can retain and manage it,” said Levie. “Every day, there are more transactions related to onboarding a client, closing a deal or an audit, but they are still done manually. We are moving it to digital and enabling the request for signatures around the content. “

Here’s how it works: users can send documents for electronic signature directly from Box to anyone, even those without a Box account. Locations for signature requests and approvals can be created anywhere in the document. All of this is integrated into popular apps like Salesforce and includes email reminders and deadline notifications. As with the Box offerings, the signatures are also safe and compliant.

The global electronic signature software market was estimated at around $ 1.8 billion in 2020, according to Prescient & Strategic Intelligence, while IDC expects it to grow to $ 3.8 billion by 2023.

Levie believes that the market is still early, with less than a third of organizations using electronic signatures due to the limitations of legacy tools and cost barriers, revealing huge future opportunities. That may be changing, however: Box worked with banks during the pandemic that still relied on document mailing, scanning and faxing to help them adapt to digital processes. He also surveyed his customers last year about the product’s capabilities, and the number one “question” was the electronic signature, he said.

He mentioned major players DocuSign and Adobe Sign, two products that it will continue to integrate with, among the variety of technology within the space. He said that Box is not trying to compete with any player, but saw a need from customers and wanted to continue with an option for them.

The electronic signature offer also follows the hiring Diego Dugatkin in June as Box’s new product manager. Prior to joining, Dugatkin was vice president of product management for Adobe Document Cloud and led strategy and execution for Adobe’s suite of products, including Adobe Sign.

“Our strategy for many years has been to expand our portfolio and leverage more advanced use cases, as well as the vision of having one platform to manage it all,” said Levie. “Diego has two decades of tremendous domain experience, and he will make a huge dent in pushing this forward for us.”

In addition to the electronic signature product, Box also introduced its Enterprise Plus plan that includes all of the company’s core add-ons as well as advanced electronic signature capabilities that will be available later this summer, the company said.

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