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July 26, 2021, 11:00 a.m. EDT

Box signs on to e-signature push for cloud services

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By Jon Swartz

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. /zigman2/quotes/205992027/composite DOCU +1.06% and Adobe Inc. /zigman2/quotes/200389143/composite ADBE -3.07% 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 /zigman2/quotes/208773138/composite BOX +3.74% 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.

/zigman2/quotes/205992027/composite
US : U.S.: Nasdaq
$ 274.04
+2.88 +1.06%
Volume: 1.34M
Sept. 22, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$53.34 billion
Rev. per Employee
$258,090
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/zigman2/quotes/200389143/composite
US : U.S.: Nasdaq
$ 626.08
-19.81 -3.07%
Volume: 5.64M
Sept. 22, 2021 4:00p
P/E Ratio
54.21
Dividend Yield
N/A
Market Cap
$307.70 billion
Rev. per Employee
$571,371
loading...
/zigman2/quotes/208773138/composite
US : U.S.: NYSE
$ 24.11
+0.87 +3.74%
Volume: 3.68M
Sept. 22, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$3.52 billion
Rev. per Employee
$398,537
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