Internet search giant Google Inc’s (NASDAQ:GOOG) venture arm has made an investment worth $8.1 million in digital signature company DocuSign, the companies announced on Tuesday.
Google Ventures said it decided to invest in DocuSign because electronic signatures are being rapidly adopted by enterprises and small businesses worldwide.
DocuSign's technology, strong team and market momentum attracted Google and the companies plan to work together to reach hundreds of millions of customers worldwide, according to the search giant's venture capital arm.
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As transactions migrate online digital signatures are being increaidngly adopted by companies. It obviates the need to print documents, sign them and then scan and upload them again.
DocuSign's technology is used by companies for signing digital invoices, business agreements and other official documents in a safe and secure way, the company's website said.
It is currently used by 20 million people who have signed more than 150 million documents, and 60,000 new users join the service every day, DocuSign said.
DocuSign users can upload a digital document to the service and request specific people to sign it digitally with a unique signature or initial.
The service is used in industries like financial services, insurance and technology among others, DocuSign said, adding that technology companies like Cisco, Comcast, eBay, Hewlett-Packard and others are already using the service.
DocuSign's drag and drop service works with native iPad, iPhone and Android apps and can also be used with Microsoft's Outlook email client. It can be used to sign Microsoft Office files, PDF files with form field recognition, scanned and faxed documents and all text and image files.