Up until a few years ago, finalizing contracts or other legal documents online required a lot of overnight FedEx and back-and-forth faxing. Now, most are sending electronic documents, finalizing terms, then printing and mailing or faxing signed versions. The next step is obvious and EchoSign.com is working to provide that step.
The site has been around quite a while, debuting back in 2006. The setup then was simple: finalize your documents together online, upload it to EchoSign, and tell the site who you want it emailed to. Each person received the document, signed it, and sent it to a fax number for collaboration.
Fast-forward to today and we find EchoSign still going strong, having just reached a million users in September and processed more than $200 million worth of contracts in a month. The largest change since the beginning has been the addition of electronic signatures, now that most international law accepts those.
EchoSign is based on a freemium model with the basic service being free and extra services and higher-end additions coming at cost. Prices range anywhere from $14.95 to $300 per month depending on your usage level, options, etc. Some of those premiums include encrypted PDFs, password protection services, and so forth.
Co-founder and CEO Jason Lemkin says that the huge growth in Software as a Service (SaaS) and cloud computing has taken off. EchoSign is embedded in many of those business-oriented SaaS platforms like Zoho.
Both DocuSign and Verisign are hot on EchoSign’s heels, but the startup recently pulled in another $8.5 million in funding and, Lemkin says, has been in the black for almost a year, with the new influx of funds going towards new upgrades and expansion.
EchoSign is based in Palo Alto, California. The site is ridiculously easy to use and straight-forward with accounts ranging from free (1 user, 5 signatures/month) to $299 with 10+ users and unlimited everything.