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.
and Adobe Inc.
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
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.