US software company Adobe (Nasdaq: ADBE) has acquired electronic signature company EchoSign for an undisclosed price, Adobe said in a release.
The technology will be integrated into Adobe's document exchange services platform to ensure secure delivery of documents for universal access, review and approval.
"I fully expect that electronic signatures will soon become the common way for people to sign documents," said EchoSign CEO Jason Lemkin, adding that the goal is to reduce the time and cost of having documents signed, accelerate sales cycles, improve tracking, and centralize the management of signed agreements.
Some commentators speculate that the technology, once it takes off, marks the end for fax machines and paper contracts.
EchoSign has more than 30,000 customers worldwide and 2.5mn users. According to the company, its technology takes an average of 42 minutes to process a signature, in contrast to a much longer time for paper documents.
As previously reported, Adobe's revenues grew 9% year-over-year to US$1.02bn in its fiscal second quarter, ended June 3. Meanwhile, net income rose 54% to US$229mn, while the Americas accounted for 48% of the company's revenues.