EchoSign, the web-based electronic signatures and signature automation service, has surpassed one million users. The startup, which launched back in 2006, has also helped sign and close more than $200,000,000 worth of contracts in one month.
EchoSign’s electronic signature service lets you append digital signatures to contracts and other business documents, store them in digital form, and manage those documents without printing them out and faxing them. The startup has a freemium model, where the you can use a basic service for free but pay anywhere from $14.95 to $300 per month for a subscription service that includes extra features such as PDF encryption and password protections.
EchoSign’s CEO and co-founder Jason Lemkin says that the electronic signature movement experienced momentum as more businesses adopted SaaS and cloud computing applications. For example, EchoSign has gained significant popularity on Salesforce’s App Exchange. EchoSign is also integrated with web-based productivity suite Zoho.
To date, EchoSign has raised $8.5 million in funding. The startup faces competition from DocuSign and VeriSign.
What about RightSignature?
users….great! how about revenue and profits?
1 million users. Hmm based on the conversion rates they probably only have 30,000 paying customers. To me this type of announcement is a plea for traffic & attention. Thought I read somewhere the CEO went to Harvard, but he’s allowing news like this out and spends his days on twitter… Next.
How many of those 1mil user are paid users?
That is really the important question isn’t it… Users..
I admit, I’ve never heard of this. I was worried that it’s unnecessary when simple forms, initials, or check-boxes are easier.
That said, I like what they’ve done with making contracts easy. Sounds interesting.
Electronic signature is still not widespread, we NEED an Open Standard
Kudos to them. I’ve used docusign.com several times dealing with Microsoft. They’re always corky, bad interface, making me jump over hoops but certainly better then printing, faxing,scanning or worse sending by mail.
does it’s seem to open signature?
It is good news for the paperless documents. Ultimately, in the coming years, we are likely to see more and more shift towards the paperless documentation. It costs less and helps the environment too.
With more and more countries enacting laws to accord legal recognition to digitally signed documents, it is expected that digitally signed documents will gain popularity over time and will ultimately replace the physical document in the long run.
Interesting.. looks like their freemium model is cool too right. checking!
And don’t forget http://www.docverify.com — the newest player who also includes document authenticity guarantees.
Works with Google Docs too.
http://echojaso...oogle-docs.html
$200,000,000 worth of contracts in one month? That’s like the entire annual sales of all SV start-ups combined (including facebook). Are you sure that’s correct?
Yes, and actually, that’s a pretty conservative number based on a relatively small survey set. It probably does dwarf all SV start-ups combined including facebook (an EchoSign customer – thank you). However, we SV start-ups are just a small slice of the world. For example, BT is public on the EchoSign website that it does over 25,000 contracts a month on EchoSign. Assume a $5,000 contract value, that’s $125,000,000 right there.
yeah yeah I got it now… I misread initially and thought it means sales. Which would be worthy of NYT front page if that were the case… Considering that my part of my divorce papers were included there, I don’t doubt it… lol
Yeah, I was a little shocked by that the first time I read it, but I THINK he means that the contracts signed in one month using their software have a combined value of 200 million. So not AS impressive as it sounds, but still impressive!
The contracts which have been signed using this service are worth $whatever. That’s not their revenues.
ah! thanks for the clarification – interesting stat when put that way
Actually my question is… how on earth do they know? The contract documents are supposed to be confidential between the parties signing, so how on earth can EchoSign know?
(For the record, I love EchoSign and we use it for all our contracts.)
Survey. You just ask the customers.
We started using Echosign a few months ago and love it. The turn time on our contracts has gone from several days to a few hours.
Fantastic product!!
Sadly, they do have competition from others, like Silanis, Yozons, Sertifi, Alphatrust, Adobe, regular old email, etc.
While open standards would be nice, they are no more critical to success than needing an open standard for word processing when it was invented. These are very early technologies, so creating a standard would likely hurt adoption as we’d be forced to pick a solution before the many varieties out there have been vetted by the marketplace and the legal system.
Very happy customer. Great product. Congrats to Jason and team!
This is going to be huge in the future…. I’m sure of it.
Great product, we started using it a few months ago and the IO process is greatly improved. Not sure if we’re on the free model though, I doubt it.
Been on EchoSign for a while now. So far no reason to switch to (or even try) one of the others. The “free for limited use” model is great. I will not even try a product that doesn’t have something like that.
What we need is a competitor to bring down the pricing and margins for things like GetSatisfaction/UserVoice/CrowdSound market. If they can get those kinds of prices, then it means there’s room for a new entrant, IMHO.
Same thing for surveys, we need someone in there NOT on the subscription model. They will grab the entire “don’t want/need a subscription survey market.” It’s wide open.
eSigning is really picking pace and integrated into Content management systems can work wonders – save paper, environment among getting the job done faster and more efficently.
Docusign is coming up with a Beta SharePoint feature in their SDK that lets you sign documents in a SharePoint library without having to download a copy. No logging into business and without leaving the site.
Hoping these systems to get more robust and get some reporting and easy managing tools in place as well.
I’ve used EchoSign for the past year or so and love it. Saves so much time and effort.
Nice job EchoSign!
Competitors:
Rightsignature (US) https://rightsignature.com/
Docusign (US) http://www.docusign.com/
Docverify (US) http://www.docverify.com
Tractis (ES) https://www.tractis.com/
Keynectis (FR) http://www.keyn...om/en/home.html
Diginotar (NL) http://www.diginotar.com/
Our company MicroBilt Corporation is the most comprehensive single source and preferred provider of over 170 data sources consisting of consumer information and commercial credit bureau data with automated decisioning and ID verification solutions through a web platform (www.microbilt.com). AS SUCH WE ARE SENDING OUT CONTRACTS ALL THE TIME. ECHOSIGN HAS HELPED US TO STREAMLINE THIS PROCESS. I love it.
Our company MicroBilt Corporation is the most comprehensive single source and preferred provider of over 170 data sources consisting of consumer information and commercial credit bureau data with automated decisioning and ID verification solutions through a web platform (www.microbilt.com). AS SUCH WE ARE SENDING OUT CONTRACTS ALL THE TIME. ECHOSIGN HAS HELPED US TO STREAMLINE THIS PROCESS. I love it.
MicroBilt Corporation is the most comprehensive single source and preferred provider of over 170 data sources consisting of consumer information and commercial credit bureau data with automated decisioning and ID verification solutions through a web platform (www.microbilt.com). AS SUCH WE ARE SENDING OUT CONTRACTS ALL THE TIME. ECHOSIGN HAS HELPED US TO STREAMLINE THIS PROCESS. We use it regularly without any problems. It saves us time, is extremely easy to use, and has drastically reduced our paper trail. Thank you!