By now, most people have heard of DocuSign. DocuSign is an e-signature transaction management company. The program allows people to sign documents online on any device so they don’t have to sign a physical copy. This app not only saves time, but makes signing documents in different states or countries a lot easier.
The world is quickly becoming more and more paperless. Many teachers have students turn papers in via email, companies give employees PDF handbooks online, and a lot of general memos that used to be printed and given to everyone, can now be sent through email.
DocuSign was founded in 2004 and has raised $125 million in funding. Some investors include Google Ventures, SAP Ventures, Salesforce, Comcast and more. The company currently has almost a 70% market share and over 50 million users in 188 countries. It makes money from with an SaaS model, where their current 65,000+ customers pay on a reoccurring basis.
Keith Krach, DocuSign’s CEO talked about the hassle of sending documents back and forth, “When you do get them back, at least 20% of the time the documents are not in good order. Either they are missing social security number, or someone signed in wrong place, or they forget to initial somewhere. On top of all of that, with paper based processes, someone has to re-key in all that data, which is a huge manual cost to business. ” He explained that the average business saves $20 to $50 dollars per document using time with the saved time and shipping costs.
The one thing people are concerned about is the security of sending important documents online. “We encrypt the documents to the highest security standards,” Krach explained. “Even if the government said they wanted to see what was in them, we can’t do that.”
E-signature software grew 48% from 2010 to 2011, going from $111 to $164 million in the United States. If this same growth rate happened this year, the company would be work $350 million.
“We see this as really changing the world, and as one of the biggest markets around. Every company is a potential customer, every department, every consumer. Our user base could be bigger than Facebook,” said Krach.
Do you use DocuSign? And if so, can you see it beating out Facebook in users?