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.
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