Telstra has made another major move in its push to transform itself into a digital business.
The telco has made a strategic investment in a Silicon Valley startup so it can bring paperless eSignature technology to Australia.
The dollar value and the stake acquired in eSignature and Digital Transaction Management (DTM) provider DocuSign Inc have not been announced.
The move is part of Telstra’s push to build the digital side of its business. Earlier this year, Telstra acquired Ooyala, a cross-device video streaming and analytics platform, in a US $270 million deal.
The giant Australian telco will use the DocuSign platform internally to accelerate manual, paper-based processes and offer the technology as a product to Telstra business and enterprise customers later this year.
DocuSign has been valued at $1.6 billion.
With DocuSign, document is uploaded, names and email addresses of the signers added, tags placed in the document where the signature, initial and dates are required, and then the send button is hit – all within a secure online environment.
Mark Sherman, Telstra Ventures Managing Director, says the investment gives customers best-in-class technologies to help them find new efficiencies, improve productivity, reduce costs and enhance customer service.
DocuSign has more than 40 million users in 188 countries, with 40,000 new unique users joining the DocuSign Global Trust Network each day. More than 775,000 documents containing more than 3.5 million pages are DocuSigned every day, with 51% completed within an hour.
Electronic signatures are recognised as valid and legally binding in many countries around the world.
In Australia, electronic signatures can be a valid way to execute many types of documents.