SOURCE: EchoSign

October 25, 2007 14:40 ET

EchoSign Secures $6 Million in Series B Preferred Funding

Strategic Investment Led by Emergence Capital; EchoSign Adds Jason Green From Emergence Capital to Its Board of Directors

PALO ALTO, CA--(Marketwire - October 25, 2007) - EchoSign (www.echosign.com), the leading web-based signature automation service, today announced that it has secured $6 million through a Series B Preferred venture capital financing agreement. The investment was led by Emergence Capital with full participation from previous investor Storm Ventures. In addition, Jason Green, General Partner, Emergence Capital, has been appointed to serve on EchoSign's board of directors.

EchoSign has taken the 'contract close' process from its old paradigm of efaxes and misplaced emails into a sophisticated, but easy to use contract automation application with measurable and proven value. Now organizations can get both external and internal contracts signed in seconds electronically, or by an automated fax system, that intelligently routes signed copies of each contract to all parties. In addition, everyone in the organization -- sales, finance, HR -- now for the first time has instant visibility into the status of all outstanding contracts.

This round of funding enables EchoSign to expand sales, marketing, and product development operations to meet the increasing demand and popularity of its easy to use, web-based application. Every day over 150,000 users in over 500 global organizations say "Just EchoSign It," to get their contracts signed in the most secure, efficient and effective manner possible. EchoSign's contract signature automation application adds value to organizations of all sizes from British Telecomm, Network General, PayPal, Entertainment Publications, and even bail bondsman at bailgram.com. EchoSign's seamlessly integrated application with salesforce.com -- EchoSign for Salesforce -- is one of the top rated applications on the salesforce.com AppExchange. At the recent salesforce.com Dreamforce conference, EchoSign was named "The Killer App for Contract Management." EchoSign is also a launch partner on Webex Connect, and a charter member of OpenSAM, enabling a full open ecosystem of online office applications.

"As the leading venture firm dedicated to technology-enabled services, EchoSign clearly stood out to us as the very best-of-breed. Their impressive growth is testament to their product, team and market strategy," said Jason Green, General Partner, Emergence Capital. "Their software-as-a-service (SaaS) model offers a clear advantage over vendors that traditionally focus on the technology of e-signatures or fax automation and miss the opportunity to solve the broader business process challenges associated with getting contracts signed, tracked, and filed."

"Our customers, partners and investors have validated our market position and strategy, and with this expansion capital from visionaries in the SaaS/on-demand world, we are well positioned to expand our leadership as one of the next great Sales 2.0 tools," said Jason Lemkin, CEO, EchoSign.

About Emergence Capital

Emergence Capital Partners is the leading venture capital firm focused on early and growth-stage Technology-Enabled Services investing. Our mission is to help build market leading, successful businesses in partnership with great entrepreneurs. Our partners have funded and helped build over 30 TES companies, including such leaders as aQuantive, DoubleClick, Salesforce.com, SuccessFactors, and HireRight more than any other early-stage venture firm. Having assessed thousands of companies in the TES sector, we have developed significant expertise and resources focused on the critical factors of success in our market. Our focus and team-based approach allow us to create unique value for our service-based portfolio companies.

About EchoSign

In just one click, the EchoSign solution automates the entire signature process from the request for signature to the distribution and filing of the executed agreement or form. With nothing to download, learn or install, there is simply no faster or secure way to get your contracts signed, tracked and filed. On average, the EchoSign service reduces the signature process from over 7 days to under 42 minutes. EchoSign has won numerous awards including Red Herring Top 100 Private Company, Best of Show at Office 2.0 Conference, Judge's Choice from IBD Network/Under the Radar. Over 150,000 users at organizations such as AtRoad, British Telecomm, Johnson & Johnson, Network General, and the University of California use EchoSign everyday to get contracts signed, tracked and filed.

For more information and access to web service, visit www.echosign.com.

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