Barracuda Networks acquires SignNow
Document platform provider expected to bolster cloud storage offerings
California-based Barracuda Networks, Inc today announced it has acquired SignNow, a mobile signing and document storage platform provider.
SignNow recently surpassed one million users, quadrupling its active users in the past year and representing over 100,000 small businesses and over half of the Fortune 500, according to an emailed statement from Barracuda Networks. Additionally, SignNow has surpassed three million digitally certified and signed documents, bringing significant expansion and expertise to help fuel Barracuda's cloud data storage growth.
"The SignNow acquisition strengthens our offering in cloud data storage and continues our focus on providing simple, yet powerful and affordable IT solutions," said BJ Jenkins, CEO of Barracuda Networks. "SignNow has experienced phenomenal growth, and we are looking forward to bringing it into our fully integrated suite of cloud and on-premise security and storage solutions."
According to The Forrester Wave: E-Signatures, Q2 2013, electronic signatures are gaining momentum due to rapidly evolving consumer technology and the need to reduce transaction costs and the time to close business. As mobile devices, including smartphones, tablets and touch screens, become ubiquitous, electronic signing is becoming simpler, more accessible, and less expensive. SignNow was designed from the ground up to address the rapidly changing and increasing mobile nature of business.
"We started SignNow to make it easy for businesses to get documents signed from any device," said Chris Hawkins, founder of SignNow, Inc. "We've built incredibly strong momentum, including seeing the number of paying customers double over the last three months. This is an important milestone for us and I'm certain that being part of the Barracuda team will accelerate our growth."
SignNow will be integrated into Barracuda's Storage business unit, a move intended to strengthen the company's cloud data storage growth. This acquisition comes on the heels of Barracuda's announcement last week that it is currently tripling the amount of free cloud storage for Copy users from 5GB to 15GB. Copy is a new online file-syncing, sharing and storage service built on the Barracuda Cloud. Since its public debut less than 90 days ago, Copy already has surpassed half a million users worldwide, according to Barracuda.