Box Sign: Secure E-Signature Solution

Box Launches Native E-Signature Solution: Box Sign

On Monday, Box unveiled its new, natively developed e-signature product, Box Sign. This addition provides electronic signature functionality and an unlimited number of signatures as a standard feature within Box’s existing business and enterprise subscription plans, incurring no extra charges.

Acquisition and Integration

The release of Box Sign follows approximately five months after Box, headquartered in Redwood City, California, finalized the acquisition of e-signature startup SignRequest for a sum of $55 million.

A Breakthrough for Content Management

Aaron Levie, CEO of Box, communicated to TechCrunch that the company is currently providing content management solutions to 100,000 businesses. He described Box Sign as “a breakthrough product” for the company.

This represents a new area where Box can assist clients in streamlining their business operations.

Expanding the Content Cloud

“We are focused on developing a comprehensive content cloud that manages the entire content lifecycle for our customers,” Levie explained. “Currently, many crucial processes – such as customer onboarding, deal closures, and audits – are still performed manually.”

Box aims to digitize these workflows and facilitate signature requests directly related to the content itself.

How Box Sign Operates

The system allows users to dispatch documents for electronic signatures directly from within Box. Recipients do not even require a Box account to participate.

Signature and approval fields can be designated anywhere within the document. The solution seamlessly integrates with widely used applications like Salesforce and incorporates automated email reminders and deadline notifications.

Consistent with Box’s other services, all signatures are secured and adhere to compliance standards.

E-Signature Market Growth

According to research from Prescient & Strategic Intelligence, the global e-signature software market was valued at approximately $1.8 billion in 2020.

IDC projects substantial growth, forecasting a market size of $3.8 billion by 2023.

Untapped Potential in the E-Signature Space

Levie believes the market remains relatively nascent, with less than one-third of organizations currently utilizing e-signature technology.

This is attributed to limitations in older tools and cost considerations, indicating significant opportunities for future expansion.

He noted that Box assisted banks during the pandemic in transitioning away from traditional methods like mailing, scanning, and faxing.

A customer survey conducted last year revealed that e-signature capabilities were the most requested feature.

Competitive Landscape

Levie acknowledged established players in the market, such as DocuSign and Adobe Sign, with whom Box will continue to maintain integrations.

He emphasized that Box is not directly competing with these companies but rather responding to a clear demand from its customer base by offering an additional option.

New Leadership and Product Vision

The introduction of the e-signature offering coincides with the appointment of Diego Dugatkin as Box’s chief product officer in June.

Dugatkin previously held the position of vice president of product management for Adobe Document Cloud, overseeing the strategy and execution of Adobe’s document-related products, including Adobe Sign.

Strategic Expansion and Platform Integration

“For years, our strategy has centered on broadening our portfolio and enabling more sophisticated use cases,” Levie stated. “Our vision is to provide a single platform for managing all content.”

“Diego brings two decades of invaluable experience to the table, and he will be instrumental in driving this forward.”