DocuSign

DocuSign
Industry Software as a Service
Founded 2003
Headquarters San Francisco, California
Key people
 Keith J. Krach, CEO
Tom Gonser, Founder[1]
Products Electronic signature and Digital Transaction Management software and services
Website docusign.com

DocuSign is a San Francisco- and Seattle-based company that provides electronic signature technology and Digital Transaction Management services for facilitating electronic exchanges of contracts and signed documents. DocuSign’s features include authentication services, user identity management and workflow automation. Signatures processed by DocuSign are comparable to traditional signatures based on the product's compliance with the ESIGN Act[2] as well as the European Union’s Directive 1999/93/EC on electronic signatures.[3]

The company has raised $443 million in financing since its founding in 2003.

History

Tom Gonser founded DocuSign in 2003 after leaving NetUpdate, a company he founded in 1998 and ran as CEO until his departure. NetUpdate acquired several companies, including an early-stage e-signature start-up in Seattle called DocuTouch, founded by Mir Hajmiragha.[4] DocuTouch held patents on Web-based digital signatures and collaboration, but had no material revenue. Upon leaving NetUpdate, Gonser negotiated the purchase of certain DocuTouch assets and started DocuSign. He tapped Eric Ranft as CTO and VP of engineering and Court Lorenzini as CEO.[5]

The firm began sales in 2005 when zipForm (now zipLogix) integrated DocuSign into its virtual real estate forms. Mock trials featuring licensed attorneys and real judges highlighted the admissibility of DocuSign contracts in court based on encrypted audit logs of signature events as well as the impossibility of changing contracts.[6]

In June 2010, DocuSign added support for iPhone, iPad and phone-based user authentication.[7] DocuSign also began referring to its service as “eSignature Transaction Management” to reflect the functional growth beyond signing. By the end of 2010, the company handled 73 percent of the Saas-based electronic signature market with 80 million signatures processed.[3] Scale Venture Partners led an investment round of $27 million in December 2010.[8]

Through July 2011, DocuSign had processed a total of 500 million pages. The company made a donation to the Arbor Day Foundation that month in recognition of the positive environmental impacts of electronic signatures.[9]

Keith Krach became DocuSign's chairman of the board in January 2010 and its CEO in August 2011.[10]

DocuSign opened an office in London, England in September 2011.[11] In the same year, DocuSign opened an office in San Francisco, which now functions as its global headquarters.

DocuSign signed an agreement in April 2012 with PayPal that allowed users to capture signatures and payments in a single transaction with DocuSign Payment.[12] Similar partnerships with Salesforce.com,[13] and Google Drive[14] preceded the PayPal agreement.

In July 2012, Business Insider reported that about 90% of Fortune 500 companies had signed up to use DocuSign.,[15] and that the firm reached 25 million users who had completed 150 million signatures in 188 countries

On January 10, 2013, DocuSign and Equifax announced a partnership to simplify electronic delivery of the Requests for Transcript of Tax Return Form 4506-T to the United States Internal Revenue Service. Under the partnership, Equifax allows lenders to use DocuSign to securely send requests to loan applicants. DocuSign and[16] Equifax were among 14 firms that participated in a nine-month feasibility study of electronic signatures for 4506-T forms in 2011.[17]

In October 2015, Keith Krach announced he is stepping down as CEO but will remain chairman for three more years until the CEO search is over. [18]

In 2016, DocuSign was ranked #3 on the Forbes Cloud 100 list.[19]

Funding

In 2004, DocuSign raised $4.6 million from Frazier Technology Ventures.[20]

Additional rounds of investments between 2006 and 2009 raised $30 million that allowed the firm to add corporate clients and process 48 million signatures.[21]

In July 2012, DocuSign raised $47.5 million in venture funding from investors including Kleiner Perkins Caufield & Byers; the round later grew closer to $56 million.[22] At this time, noted venture capitalist Mary Meeker joined the Board of Directors.[23]

In March 2014, the company announced it had raised $85 million in a new funding round.[24] Though unconfirmed, the Wall Street Journal reported the round was based on a company valuation of $1.6 billion.[25]

In May 2015, the company announced it had raised $233 million in a new funding round, with some estimating a $3 billion company valuation.[26][27]

Products and structure

DocuSign services are offered either by subscription or for free as an app. Signatures and documents are encrypted, then treated with a hash to reveal whether the document has been tampered with or compromised.[28]

DocuSign Professional emails recipients an electronically signed document requesting review of a document after it is uploaded. Each party must agree to complete business electronically, review the document and apply a signature. Signatures may be added from a stored copy of a signature or generated automatically by the software. Phone confirmation and background checks are offered as premium services.[29]

DocuSign released its mobile app DocuSign Ink in November 2011.[30] It is available for free and runs on Apple iOS, Google Android and Windows Phone operating systems. DocuSign Ink allows users to sign and annotate documents by attaching a stored signature, which may be created in graphic design software, captured from an image of a paper document or selected from a variety of prefabricated signatures based on the user’s legal name.[31] The saved signature can be applied to PDFs, word processing documents and images. To complete a document, participants apply their signatures and send completed documents to cloud storage for review.[32]

DocuSign Ink achieved 100,000 downloads in the first month of its release. The Apple App Store ranked DocuSign Ink as the second most downloaded productivity app in 2011.[33]

References

  1. ↑ Leadership Team. DocuSign.
  2. ↑ ELECTRONIC SIGNATURES IN GLOBAL AND NATIONAL COMMERCE ACT Federal Trade Commission June 2001
  3. 1 2 DocuSign Releases Updated Version of E-Signature Software Hachman, Mark PC Magazine June 30, 2010
  4. ↑ NetUpdate Buys DocuTouch National Mortgage News August 22, 2001
  5. ↑ Online Signatures: DocuTouch Introduces DocuSign Internet News July 11, 2000
  6. ↑ Work Smarter with a Tool Your Mom Can Use Bui, An DocuSign July 10, 2009
  7. ↑ Docusign launches new tools to entice greater e-signature adoption Diaz, Sam ZDNetJune 30, 2010
  8. ↑ Washington Startups See Spike in Investing Dollars in December Kutz, Erin Xconomy January 28, 2011
  9. ↑ With a Half Billion Pages Signed, DocuSign Launches Free Edition Empson, Rip TechCrunch July 19th, 2011
  10. ↑ "Keith Krach: A dot-com CEO returns". Fortune. Retrieved 20 August 2015.
  11. ↑ Gage, Deborah (September 2, 2011). "DocuSign Opens First International Office, In London". Dow Jones Private Equity & Venture Capital.
  12. ↑ PayPal partners with DocuSign to help businesses collect signatures for online payments Brian, Matt The Next Web April 11, 2012
  13. ↑ DocuSigns Delivers Close it in the Cloud! Integrated ESIGN Solutions to Salesforce Reuters November 5, 2009
  14. ↑ Google Drive Kicks Off with DocuSign Integration King, Rachel ZDNet April 24, 2012
  15. ↑ At DocuSign, Keith Krach Continues His Epic 16-Year Quest To Reinvent The Business World Huspeni, Andrea Business Insider July 13, 2012
  16. ↑ Helft, Miguel . "DocuSign raises $47.5 million, adds Mary Meeker to board," Fortune. Retrieved 24 March 2014.
  17. ↑ Equifax and Docusign Help the IRS Accelerate Forms Processing With eSignature PR Newswire Daily Markets January 10, 2013 Archived January 8, 2014, at the Wayback Machine.
  18. ↑ Swisher, Kara. "DocuSign CEO to Step Down After New CEO Search Is Complete". www.recode.net. Retrieved 14 October 2015.
  19. ↑ "Forbes Cloud 100". Forbes. Retrieved 28 October 2016.
  20. ↑ Digital signature firm raises $4.6 million Cook, John Seattle Post-Intelligencer June 14, 2004
  21. ↑ DocuSign Scores $5M More Huang, Gregory Seattle Post-Intelligencer May 7, 2009
  22. ↑ Marino, Jonathan. "DocuSign Beefs up its Series D & Adds Google Ventures," PE Hub. Retrieved 24 March 2014.
  23. ↑ E-Signature Company DocuSign Raises $47.5M Led by Kleiner Perkins Ha, Anthony TechCrunch July 12, 2012
  24. ↑ Hoge, Patrick. "DocuSign raises $85 million for electronic signatures and more," San Francisco Business Times. Retrieved 24 March 2014.
  25. ↑ Rusli, Evelyn M. and Douglas MacMillan. "DocuSign Raises $85 Million at $1.6 Billion Valuation," The Wall Street Journal. Retrieved 24 March.
  26. ↑ Lizette Chapman. "DocuSign Hits $3 Billion Valuation in Latest Funding Round". WSJ. Retrieved 20 August 2015.
  27. ↑ Alex Konrad. "DocuSign Doubles Valuation To $3 Billion With $233 Million Raise". Forbes. Retrieved 20 August 2015.
  28. ↑ E-Signatures Safer than the Real Thing, Experts Say Liebowitz, Matt NBC January 25, 2011
  29. ↑ DocuSign Pro PC Magazine September 28, 2011
  30. ↑ Digital Signatures Let You Ditch That Old Fax Machine West, Angela PC Magazine January 23, 2012
  31. ↑ DocuSign Ink App Enables Electronic Signatures on Android Devices Android Mag January 26, 2012
  32. ↑ CES: Another Death Knell for the Fax Machine Grant, Kelli SmartMoney January 12, 2012
  33. ↑ Electronic Signatures Come to the Masses Forbes November 18, 2011
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