DocuSign

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DocuSign
IndustrySoftware as a Service
Founded2003
HeadquartersSan Francisco, California
Key peopleKeith Krach (CEO)
Tom Gonser (Founder and Chief Strategy Officer)
Dustin Grosse (Chief Marketing Officer)
Mike Dinsdale (CFO)
Joe Fuca (SVP Worldwide Sales)
Roger Erickson (VP of Customer Success)
Ken Moyle (Chief Legal Officer)
Grant Peterson (CTO)
Harry Safstrom (VP Organizational Development)
Robin Ducot (VP of Product Development)
Tom Pageler (Chief Information Security Officer)[1]
ProductsElectronic signatures
Websitedocusign.com
 
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DocuSign
IndustrySoftware as a Service
Founded2003
HeadquartersSan Francisco, California
Key peopleKeith Krach (CEO)
Tom Gonser (Founder and Chief Strategy Officer)
Dustin Grosse (Chief Marketing Officer)
Mike Dinsdale (CFO)
Joe Fuca (SVP Worldwide Sales)
Roger Erickson (VP of Customer Success)
Ken Moyle (Chief Legal Officer)
Grant Peterson (CTO)
Harry Safstrom (VP Organizational Development)
Robin Ducot (VP of Product Development)
Tom Pageler (Chief Information Security Officer)[1]
ProductsElectronic signatures
Websitedocusign.com

DocuSign is a provider of cloud-based electronic signature technology that facilitates exchanges of contracts, tax documents and legal materials. DocuSign’s features include features like authentication services, user identity management and workflow automation. The signatures processed by DocuSign are comparable to traditional signatures based on the ESIGN Act[2] as well as the European Union’s Directive on eSignatures.[3]

History[edit]

Tom Gonser founded DocuSign in 2003 after leaving NetUpdate, a company he founded in 1998 and ran as CEO until his departure. During Gonser's time there, NetUpdate acquired several companies, including an early-stage e-signature start-up in Seattle called DocuTouch, founded by Mir Hajmiragha.[4] DocuTouch had several early patents on Web-based digital signatures and collaboration, but no material revenue. Upon leaving NetUpdate, Gonser negotiated a purchase of some DocuTouch assets from NetUpdate. As it turned out, none of the DocuTouch technology or code base was used to build the first versions of DocuSign.[5] After starting DocuSign, Gonser tapped Eric Ranft as CTO and VP of engineering and Court Lorenzini as CEO. The company's first URL was docusign-inc.com. Keith Krach became chairman of the board for DocuSign in January 2010 and CEO in August 2011.[6]

As stated by Gonser, the philosophy behind DocuSign was to create a simple e-signature process that did not require software or digital certificates, because the e-signature tools in the market at that time were too complex and had not grown despite the tremendous potential to streamline business.[7] The firm developed an electronic signature processing system that was browser based by early 2004, and it was among the first SaaS-based electronic signature services that did not require the use of complex digital certificates.

Growth[edit]

DocuSign spent its first two years developing electronic signature technology that conformed to the Federal ESIGN Act. In 2004, DocuSign raised $4.6 million from Frazier Technology Ventures.[8] The firm began sales in 2005 when zipForms (now zipLogix) integrated DocuSign into their virtual real estate forms.[9]

Additional rounds of investments between 2006 and 2009 helped DocuSign serve 2.5 million users.[10] Over three investment rounds, DocuSign received $30 million that allowed the firm to add corporate clients and process 48 million signatures.[11] A demonstration of DocuSign technology took place during two mock trials featuring licensed attorneys and real judges. These demonstrations highlighted the admissibility of DocuSign contracts in court based on encrypted audit logs of signature events as well as the impossibility of changing contracts.[12]

In June 2010, DocuSign's product release provided support for iPhone, iPad and phone-based user authentication.[13] DocuSign also began referring to the service as “eSignature Transaction Management” to reflect the functional growth beyond signing. By the end of that year, the firm handled 73 percent of the Saas-based electronic signature market with 80 million signatures processed.[3] Scale Venture Partners led an investment round in December 2010 that totaled $27 million for DocuSign.[14]

DocuSign opened an office in London, England in September 2011. The firm hired Bob DeSantis to serve as managing director of European operations for the company.[15] In the same year, DocuSign opened an office in San Francisco that currently serves as the company’s headquarters.

DocuSign signed an agreement in April 2012 with PayPal that allowed users to capture signatures and payments within a single transaction using DocuSign Payment.[16] Similar partnerships with Salesforce,[17] the National Association of Realtors[18] and Google Drive[19] preceded the PayPal agreement. DocuSign Ink was demonstrated during the annual Momentum Conference in San Francisco in May 2012.[20] The firm raised $47.5 million in venture funding in July 2012 from multiple investors including Kleiner Perkins Caufield & Byers.[21]

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. The partnership involves Equifax allowing lenders to use DocuSign to send requests to loan applicants in a secure environment. DocuSign and Equifax were among 14 firms that participated in a nine-month feasibility study of electronic signatures for 4506-T forms in 2011.[22]

Statistics[edit]

DocuSign has raised $104 million in financing since its creation in 2003. Business Insider found that about 90% of Fortune 500 companies had signed up with DocuSign as of July 2012. By the same month, the firm reached 25 million users who had completed 150 million signatures in 188 countries.[23] Through July 2011, DocuSign had processed a total of 500 million pages, equivalent to about 60,000 trees according to Tech Crunch. The company made a donation to the Arbor Day Foundation that month in recognition of the positive environmental impacts of electronic signatures.[24]

Products and Structure[edit]

DocuSign services are offered either by subscription or for free as an app. Signatures and documents are encrypted then treated with a hash, which is a mathematical algorithm showing whether the document has been tampered with or compromised.[25] The service provides much more than signature services; it allows complete “straight-through processing,” including data and forms management, work flow, signer identity proofing, remote signing and embedded, or in-person signing, plus robust data delivery and document management capabilities.

DocuSign Professional emails all recipients of an electronically signed document requesting that they review each document after an upload is completed. Each party must agree to complete business electronically, review the document and apply a signature. Each signature can be a stored copy of a signature or generated automatically by the software. Participants can request phone confirmation for each recipient and request background checks as premium services.[26]

DocuSign and the National Association of Realtors developed DocuSign for Real Estate in 2009 to expedite real estate transactions and reduce closing costs.[27] DocuSign developed Workgroup to provide document management services for any department within a business. These services include transaction control, data collection, workflow management and templates for business documents along with contracts.[28] DocuSign also designed Enterprise as a scalable solution for document management capable of automating manual documentation, managing data and allowing electronic signatures.[29]

DocuSign released DocuSign Ink in November 2011.[30] This mobile app is available for free and runs on Apple iOS and Google Android operating systems. The software works with major Internet browsers like Google Chrome, Mozilla Firefox, Internet Explorer and Apple Safari. DocuSign Ink allows users to sign and annotate documents by attaching a stored signature. This signature can 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] A user can take the saved signature and apply the image to PDFs, word processing documents and images. To complete a document, participants apply their signatures and send off completed documents to cloud storage for review.[32]

DocuSign Ink achieved 100,000 downloads only a month after release. The Apple App Store ranked DocuSign Ink as the second most downloaded productivity app by the end of 2011.[33] In 2012, the Washington Technology Industry Association (WTIA) named DocuSign Ink the “Consumer Product or Service of the Year” after it had tied for first place the previous year.[34] ZDNet listed the app among “Must Have” iPad apps in 2012.[35]

Reception[edit]

In October 2011, Mashable listed DocuSign as one of the “5 Ways Apps Make Salesforce Even More Valuable”.[36] The company’s DocuSign Pro received four out of five dots from PC Magazine in September 2011 due to the product’s tagging system, auditing trail and simple interface.[26] Macworld noted that DocuSign is a service that has “removed a big hurdle to doing away with the printed page” in a March 2012 article.[37]

DocuSign Chief Legal Officer Kenneth Moyle lobbied for National ESIGN Day in the U.S. House of Representatives and the U.S. Senate. The bill was passed by the United States Congress in June 2010 with the first National ESIGN Day held on June 30 of that year.[38] Moyle would become the first lawyer admitted to the bar of the U.S. Supreme Court to have submitted a membership application electronically in October 2010.[39]

DocuSign’s workplace environment received recognition starting with the “Hottest Seattle Companies” award issued by Lead411 in 2010.[40] Seattle Business Magazine placed DocuSign on the list of the 100 Best Companies to work for that same year.[41] The WTIA awarded DocuSign with the Top Commercial Tech Product or Service in 2011.[42] Deloitte placed DocuSign on the Technology Fast 500 list at the end of 2011.[43] In 2012, DocuSign was listed as one of Washington’s “100 Best Companies to Work For” and a “Best Place to Work in the Bay Area” by Seattle Business Magazine.[44]

See also[edit]

References[edit]

  1. ^ Leadership Team. DocuSign.
  2. ^ ELECTRONIC SIGNATURES IN GLOBAL AND NATIONAL COMMERCE ACT Federal Trade Commission June 2001
  3. ^ a b 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. ^ CEO Change at DocuSign Woodward, Curt Xconomy August 9, 2011
  7. ^ DocuSign CEO on front lines of paperless real estate process Inman News December 21, 2005
  8. ^ Digital signature firm raises $4.6 million Cook, John Seattle Post-Intelligencer June 14, 2004
  9. ^ DocuSign Helps Customers Lower Costs Business Wire June 14, 2005
  10. ^ DocuSign Raises $2 Million For E-Signature Software Rao, Leena TechCrunch November 17, 2009
  11. ^ DocuSign Scores $5M More Huang, Gregory Seattle Post-Intelligencer May 7, 2009
  12. ^ Work Smarter with a Tool Your Mom Can Use Bui, An DocuSign July 10, 2009
  13. ^ Docusign launches new tools to entice greater e-signature adoption Diaz, Sam ZDNetJune 30, 2010
  14. ^ Washington Startups See Spike in Investing Dollars in December Kutz, Erin Xconomy January 28, 2011
  15. ^ [1] Gage, Deborah Dow Jones Private Equity & Venture Capital September 2, 2011
  16. ^ PayPal partners with DocuSign to help businesses collect signatures for online payments Brian, Matt The Next Web April 11, 2012
  17. ^ DocuSigns Delivers Close it in the Cloud! Integrated ESIGN Solutions to Salesforce Reuters November 5, 2009
  18. ^ DocuSign Unveils Exclusive REALTOR Edition Business Wire March 9, 2010
  19. ^ Google Drive Kicks Off with DocuSign Integration King, Rachel ZDNet April 24, 2012
  20. ^ DocuSign Momentum 2012 DocuSign
  21. ^ E-Signature Company DocuSign Raises $47.5M Led by Kleiner Perkins Ha, Anthony TechCrunch July 12, 2012
  22. ^ [2] PR Newswire Daily Markets January 10, 2013
  23. ^ At DocuSign, Keith Krach Continues His Epic 16-Year Quest To Reinvent The Business World Huspeni, Andrea Business Insider July 13, 2012
  24. ^ With a Half Billion Pages Signed, DocuSign Launches Free Edition Empson, Rip TechCrunch July 19th, 2011
  25. ^ E-Signatures Safer than the Real Thing, Experts Say Liebowitz, Matt NBC January 25, 2011
  26. ^ a b DocuSign Pro PC Magazine September 28, 2011
  27. ^ DocuSign for Real Estate DocuSign
  28. ^ DocuSign Workgroup DocuSign
  29. ^ DocuSign Enterprise DocuSign
  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
  34. ^ Washington Tech Companies Recognized in Industry Awards Parkhurst, Emily Puget Sound Business Journal March 15, 2012
  35. ^ DocuSign Ink Enables Personal e-Signatures on Mobile Devices King, Rachel ZDNet November 17, 2011
  36. ^ 5 Ways Apps Make Salesforce Even More Valuable Dhillon, Gaurav Mashable October 19, 2011
  37. ^ With Printer Sales Slowing, HP Favors PC Niccolai, James Macworld March 21, 2012
  38. ^ Clinton Helps DocuSign Celebrate ESIGN Anniversary Carter, Matt Inman News July 1, 2010
  39. ^ U.S. Supreme Court Accepts Electronically Signed Bar ApplicationSys-Con Media October 4, 2010
  40. ^ Lead411 Launches "Hottest Seattle Companies" Awards Lead 411 June 8, 2010
  41. ^ The 100 Best Companies to Work For "Seattle Business Magazine, July 2010"
  42. ^ WTIA Winners Announced Dudley, Brier Seattle Times March 15, 2012
  43. ^ Deloitte Fast 500 Picks 24 in Northwest Scott, Alwyn Puget Sound Business Journal October 11, 2011
  44. ^ The 100 Best CompaniesSeattle Business Magazine 2012

External links[edit]