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Box Inc. has signed off on a new market that it believes will widely expand its cloud-services business.
Box Sign, a new, native e-signature capability first introduced in February, was released Monday offering unlimited signatures at no extra cost, distinguishing it from competing enterprise products from DocuSign Inc.
DOCU,
and Adobe Inc.
ADBE,
in the $3.8 billion e-signature market.
The company’s biggest product announcement in years is an emphatic nod to companies large and small as they make the lurching transition from paper-based and manual workflows to the cloud.
“Everything will be hybrid in the future” as companies adopt a work anywhere/digital first/security template, Box
BOX,
Chief Executive Aaron Levie told MarketWatch. “We are aggressively building out our cloud services so that the entire content lifecycle is in a single integrated platform.”
Despite the digital transformation plans of so many major businesses, fewer than one in three use e-signatures because of cost barriers and limitations of legacy tools, according to market researcher IDC.
“The reality is that e-signature is a capability, not a product,” IDC analyst Holly Muscolino told MarketWatch. “Box is positioning [e-signature] as one of the services in its content cloud.”
Reflecting its new product’s importance, Box in June hired Diego Dugatkin as chief product officer. Dugatkin previously managed Adobe Sign.
