The Aragon Research Globe™ for Digital
Transaction Management, 2022
Paper to Digital Transformation for Employee and Customer
Engagement

Author: Jim Lundy

March 3, 2022 | Research Note 2022-05v

Video Producer: Adam Pease
Topic: Digital transaction
management (DTM)
Issue: Who are the DTM providers
and how are they evolving?

SUMMARY
Aragon Research releases its sixth Aragon
Research
Globe™
for
digitaltransaction
management (DTM), a market that has become oneof the key ingredients for remote work via paperlesstransactions. The DTM Globe examines 20 major
providers who are helping to digitize both customer
and employee transactions.

Copyright © 2022 Aragon Research Inc. and/or its affiliates. All rights reserved.

Watch the Visual Research in AIN.

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TABLE OF CONTENTS

Introduction ...................................................................................................................... 3
COVID Shifted Work to Be Fully Remote—The Role of DTM .......................................... 3
DTM Platforms and the Gradual Shift to Virtual Agents................................................... 3
A New Market Emerges Focusing on Transformation ...................................................... 4
TPaaS and DTM ............................................................................................................... 5
TPaaS Is Enabled by APIs and Low-Code Integrations................................................... 5
The Need to Eliminate Paper—People and Forms .......................................................... 6
Focus on Customers ........................................................................................................ 6
Digital Identity and Paper Processes ............................................................................... 7
Clickwrap Starts to Drive Online Transactions ................................................................. 8Content Automation Is the Next Wave—Going beyond eSignature ................................ 8
The Rise of Content AI Will Streamline Identity, Onboarding, and More ......................... 9Document, Image, and Video Analytics Enables Document Understanding and Better
Security ............................................................................................................................ 9
Payments Are Tied to Certain Use Cases ...................................................................... 10
DTM, Hybrid, Multi-Cloud, and Data Residency ............................................................ 11
DTM Market Overview ................................................................................................... 11
Digital Transaction Management Basic and Advanced Capabilities .............................. 11
The Aragon Research Globe™ for Digital Transaction Management, 2022 .................... 13
Leaders .......................................................................................................................... 14
Contenders..................................................................................................................... 23
Innovators ...................................................................................................................... 30
Aragon Advisory ............................................................................................................. 33
Bottom Line .................................................................................................................... 34
Aragon Research Globe Overview ................................................................................. 35
Dimensions of Analysis .................................................................................................. 35
The Four Sectors of the Globe ....................................................................................... 36
Inclusion Criteria ............................................................................................................ 36
Inclusions: ...................................................................................................................... 37
Exclusions: ..................................................................................................................... 37
Copyright © 2021 Aragon Research Inc. and/or its affiliates. All rights reserved. Aragon Research and the Aragon Research Globe are trademarksof Aragon Research Inc. All other trademarks are the property of their respective owners. This publication may not be distributed in any form
without Aragon Research’s prior written permission. The information contained in this publication has been obtained from sources believed tobe reliable. Nevertheless, Aragon Research provides this publication and the information contained in it "AS IS," without warranty of any kind. To
the maximum extent allowed by law, Aragon Research expressly disclaims all warranties as to the accuracy, completeness or adequacy of suchinformation and shall have no liability for errors, omissions or inadequacies in such information.
This publication consists of the opinions of Aragon Research and Advisory Services organization and should not be construed as statements
of fact. The opinions expressed here-in are subject to change without notice. Although Aragon Research may include a discussion of related
legal issues, Aragon Research does not provide legal advice or services and its research should not be construed or used as such. Aragon
Research is a private company and its clients may include firms or financial institutions that have financial interests in entities covered by
Aragon Research. Further information about the objectivity of Aragon Research can be found at aragonresearch.com

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Introduction
As the world has settled into working remotely as the primary option, digital transaction
management has become a key factor behind the success that enterprises have seen during the
COVID era. Paperless transactions are the way that business gets done, and DTM providers
have been a key reason for enterprise success during this time.
The DTM market continues to grow, and in 2021 more paper processes shifted to electronic ordigital ones. At the same time, a few providers made investments to increase the level ofautomation and intelligence in their respective platforms. With all that said, there is still the needto migrate legacy paper content to digital. This remains a challenge to both governments thatneed paper and the enterprises subject to regulations that require it. This 2022 Aragon Research
Globe evaluates 20 major DTM providers who are making a difference.
COVID Shifted Work to Be Fully Remote—The Role of DTM
Demand for digital transactions continued to surge in 2021, due to both COVID, remote work,and the fact that many enterprises can’t continue to do business via paper. These factors helped
the market grow at a slightly faster clip than before COVID. Business leaders can no longer avoid
this issue and just by switching away from paper to basic signing, they are seeing the immediate
benefit.
Timelines for digital transformation have been moved up and what was planned for 2023 andbeyond now must happen in 2022. Additionally, in a post-pandemic world, enterprises areplanning on investing in more tools to help them automate all of their business processes.
Automating the creation of documents and contracts is not trivial, and the growth of the categoryshows that this transformational shift is well underway.
The organizations that have deployed DTM continue to outperform their competitors by offering
a simplified customer journey that makes signing up for a service or completing a new purchasecompletely digital.
DTM Platforms and the Gradual Shift to Virtual Agents
Document assistants (chatbots) have not yet emerged, although the interview process that a few firms
offer for form fill-in could be called a document assistant. Aragon’s view is that a document assistantwould help with the creation, preparation, and sending of documents for eSignature. Aragon continues
to predict that some providers will offer a document assistant over the next two years.
Conversational AI is here to stay and with some work, a document assistant can be constructed thatcan chat with a human and perform tasks such as locate a document just by asking a question. The
timeline for a DTM virtual agent projects that 2021-2022 are pilot stages. Full production of DTM virtualassistants will be in the 2023-2025 timeframe.
While interview assistants are becoming more common, Aragon feels that a document assistant will
help a business user with more of their document creation needs (see Figure 1).
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Prediction: By YE 2023, DTM providers will offer a DTM virtual assistant to assist users with theautomatic generation of content or the signing of a contract (40% probability).

Figure 1: Transaction and document assistants will help people create documents and process transactions.

This is why when it comes to vertical markets, we see DTM with integrated payments asimportant for many types of transactions, including real estate and many forms of online
subscriptions.
A New Market Emerges Focusing on Transformation
Customer feedback over the last few years has shown that the race to become fully digital is notabout starting over—it is about transformation and leveraging existing capabilities in a new way.
Based on this common customer need, and the introduction of new technology and service
providers in the market, Aragon Research is identifying a new market that is focused specificallyon providing the platform and business architecture services needed to enable business
transformation.
We refer to this market as transformation platform as a service (tPaaS), and define this market
as:
The tPaaS market consists of the set of providers of cloud services that specifically enable
customers to reimagine and transform their business by providing business modeling andprocess modeling capabilities, critical digital business services (business architecture anddesign services, embedded AI, advanced analytics, automation), and integration to newand emerging technologies (IoT, robotics, connectors, etc.).
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tPaaS providers may provide public, private, and hybrid cloud services. In addition, we would
expect leading tPaaS providers would support both business strategy and model architecture
consulting services, in addition to any solution design and implementation services.

Figure 2: The iPaaS market evolution.

TPaaS and DTM
With transformation as a premise, enterprises need to look at their paper processes, look at theirsystems, and recognize the need to digitize the transaction. This mindset is more of a hybrid
approach to transformation. This means that it isn’t a clean sheet rip-and-replace that was whatmany were recommending just a few years ago.
TPaaS Is Enabled by APIs and Low-Code Integrations
Given that so many enterprises want to transform by integrating digital technology with existing
services, this is the reason that APIs and low code integrations are key to digital transaction
management. Low code enables non-programmers to create digital apps that are ready to run
on a mobile device. These citizen developers represent a new trend in DTM—and this makes
APIs even more important.
However, the ease of use of APIs—via low code interfaces—is what needs to be evaluated.
Pluggability and drag and drop interfaces is what this is all about. The fact that so many DTM© 2022 Aragon Research Inc. and or its affiliates. All rights reserved.

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providers are already part of existing app stores, such as Google, Microsoft, and Salesforce
exemplify pre-configured integrations.
While APIs serve as connectors, many DTM providers are allowing their services to be integrated
at an even deeper level, as part of a new application or service that the enterprise is building.
Enterprises need to understand that the journey to fully paperless transactions may start out asbasic and then become increasingly more digital over time (see Figure 3).

Figure 3: DTM offerings can serve as transformational services to help the enterprise on its digital journey.

The Need to Eliminate Paper—People and Forms
Forms and people are two of the areas where DTM can make a difference. Electronic signatures
for hiring and approvals can speed up the hiring process, as well as promotions, stock options,and many other processes.
With content automation forms can be completely eliminated, making them online andstreamlined. So, while the focus should be on eliminating paper, the follow-on is to automate thedata collection process. Making the form electronic is a start at least, but many providers go
further and help to automate the collection process by having an interview approach, similar to
TurboTax for tax returns.
For both customer experience and employee engagement, the name of the game is simplicity
and a better digital experience (see Figure 4 below). The race to offer a digital onboarding
experience to new customers in retail and financial services has quickly escalated; delivering
new, low-code mobile experiences that allow for a seamless and paperless experience are a
must.
Focus on Customers
While sales has been a big focus for customer engagement, all customer facing documents
should be evaluated to leverage basic and advanced DTM. The goal should be to go digital andshift toward e-Signatures as a first step. Eliminating paper in each of the stages of a sale can© 2022 Aragon Research Inc. and or its affiliates. All rights reserved.

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accelerate booked revenue and accounts receivable. Many firms that have deployed basiceSignatures have seen a dramatic reduction in the time it takes to get a contract signed.
For employees and internal document processes, DTM can make a significant positive first
impression through onboarding and all of the documents an associate needs to sign. So whilecustomer engagement is the main first step in getting started with DTM, enterprises should not
overlook the DTM benefits for employee-facing document processes.
The internal and external use cases that have the biggest impact include:

Figure 4: Internal and external use cases for digitizing paper processes.

Digital Identity and Paper Processes
Digital identity remains an issue related to customer and employee onboarding. One of the last
arenas that is proving tough to overcome is a common digital identity. Electronic signatures arestill the number one type of signature, but now digital signatures have become a must-haveoption in Europe. eIDAS (electronic identification and trust services for electronic transactions in
the internal market) has been a European standard for electronic and digital signatures since2016. We have also seen new privacy laws emerge, such Europe’s GDPR and the California
Consumer Privacy Act, which went into effect on January 1, 2020.
eIDAS remains the most robust set of standards and is now required for companies doing
business in Europe. Today, eIDAS offers four different types of verification that span fromadvanced electronic signature to full trust services.
While there is interest in blockchain, the Digital Identity Foundation (DIF) has an increased
number of technology providers that have joined its ranks and there are a number of working
groups focusing on pilot developments. In the meantime, biometric signatures, which use© 2022 Aragon Research Inc. and or its affiliates. All rights reserved.

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fingerprint, retina, iris, or voice to verify a person’s identify,
have seen increased use. They are ideal in criticaltransactions where identity must be verified and certified.
Because the shift to a common digital identity is still a workin progress, each country still requires and accepts
different types of identity. Europe remains ahead of the U.S.
and Asia in what it will accept for a digital signature. In
digital identity, Namirial made a big move with its recent
acquisition of Netheos.
Clickwrap Starts to Drive Online Transactions
Enterprises are slowly coming to the realization that there ismore to online transactions than just the checkout cart.
Standard terms and conditions will no longer work for evenbasic purchases given nuances in products and the multitudeof product variants that often have different terms andconditions.

Note 1: Digital Transaction Management andClickwrap Transactions
Aragon identified the digital transaction
management market in 2014, and since that time,it has grown significantly, with a focus on theprocess of taking paper-based documenttransactions and making them digital, including
the electronic or digital signature process.
Clickwrap transaction platforms offer some of thesame capabilities but are focused more on onlinetransactions, which requires advanced content
automation, click or signature approvals, andrecording and archiving of the actual onlinetransaction.
So, while DTM is the overall category, CTP is
unique given the minimum capabilities as outlinedin this Research Note.

The reason that CTPs work is that they speed up andsimplify high volume contracts that need customization but
don't require negotiation. For online purchases, thisincludes custom terms and conditions as well as warranty
and service terms. Other examples include purchaseorders, insurance policy acceptance documents, nondisclosure agreements, etc. CTPs can be used for highvolume or for high value transactions. For very large
volumes, threshold testing is recommended.
Content Automation Is the Next Wave—Going beyond
eSignature
For many enterprises the basic need to shift from paper todigital means electronic signature is an acceptable way to getstarted. However, the need to automate the creation of
documents and contracts still exist. For this reason, many DTM
providers have incorporated content automation features thatallow documents and contracts to be created in a more
automated way. This can be unintended, meaning that theapplication does the creation or adjustment of the document
or humans review the creation before it is sent for our signature.
Fill-in forms are giving way to guided interviews for
information capture, accompanied by people that assist
customers via chat or phone. Besides financial services,© 2022 Aragon Research Inc. and or its affiliates. All rights reserved.

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industries that are transforming include retail, healthcare, and government. Automation isimportant because employees and customers also have higher expectations for a seamlessexperience. There is a demand for leveraging modern content platforms that can perform at
higher levels of scalability and integration. Not every provider offers content automation, and thatis why Aragon also has a separate Globe report on workflow and content automation.
Hybrid cloud offerings are increasing and, with them, the ability to do content automation in the cloud
or on local servers that are containerized. The multi-cloud approach has arrived and now enterprises
with large volumes of content being produced can still do so in a local data center and have theapplications managed by the vendor they select. This choice for enterprises now means they can movefaster with content automation projects. Note: not all vendors offer hybrid cloud containerized services.
The Rise of Content AI Will Streamline Identity, Onboarding, and More
As enterprise leaders tap into the emerging potential of content AI to augment the content
processes spanning their business, these same tools will unlock a streamlined approach to
managing identity, onboarding associates, and more use cases. Content AI enables theautomated scanning, understanding, and analysis of documents to facilitate enterpriseknowledge capture.
In the case of identity, content AI will make it easier to centralize identity information that may
appear in different ways across different document types by leveraging unified repositories andcontext-aware data extraction. Similarly, it will ease the onboarding process by making training
materials as well as administrative information more searchable.
Document and Image Analytics and the Race to Document Understanding
More providers are starting to focus on content AI, and we see the shift from document keyword
understanding to full document understanding. One of the key shifts in the use of AI for document
and content analytics is the ability for a business analyst to tune algorithms to focus on a certain
type of document or a certain part of the document. Aragon feels that document/text analytics
are poised to become embedded in nearly every WCA process by YE 2023. This race tointelligence represents a new component of the race to digitally-enabled business processes.
Contracts are one critical area where document understanding can make a difference. Contracts
are the life of nearly every business deal, and they directly impact business outcomes. The
contract life cycle management (CLM) tools of the past will not always offer the level ofintelligence provided by offerings geared towards document understanding.
Today, contracts usually start with templates and often, there is no understanding between thegood clauses that accelerate a deal, and the bad clauses that slow it down. In some cases,
contracts created or reviewed by an inexperienced attorney can contain clauses that have achance of being rejected by the other party. By making use of document understanding,enterprises can mine their existing contracts for revenue opportunities.

© 2022 Aragon Research Inc. and or its affiliates. All rights reserved.

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The areas where intelligent content analytics is making a difference include documents, images, andvideo. Here we will focus primarily on the impact of content analytics on documents/contracts, where
AI can speed up a process or improve security (signature fraud).
Documents—document and contract analytics, also referred to as text analytics, is the ability ofmachine and deep learning applications to read and understand documents. There are tremendous
opportunities in the document creation phase, particularly for contracts, as close analysis can provide
a success or failure prediction on whether a clause should be used or not.
The shift to more complete document understanding via AI is the trend to watch. Enterprises need toevaluate providers to see where they are investing. While many DTM providers will leverage document
analytics by partnering with large cloud providers such as Google, IBM, Amazon, or Microsoft, more
will start to make their own set of investments. Conga, DocuSign, Nintex and Namirial have all madeacquisitions in the last two years that bolster their content AI capabilities.
Image Analytics Tied to Signatures—in DTM, enterprises will need to interpret images anddistinguish real images from fake images. While this is important in B2C environments today, this will
also become important for areas such as insurance claims processing, retail shopping, and/or
signature authentication. For DTM, while document analytics are important for contract understanding,image analytics will be important for fraud detection and for verification of both identity of a person andfor verification of their electronic signature.
Video—for Online eNotary: Today, video verification with eNotary is done by the authorized eNotary
looking at the person online and comparing that image to their picture on a government issued ID.
Facial identity can be done now using computer vision algorithms and expect more providers to add
these capabilities.
Enterprises should look for more opportunities to analyze video, as it is tied to identity verification for adigital transaction. For eNotary, DocuSign, Namirial, and Nintex all have been doing work in this area.
Payments Are Tied to Certain Use Cases
Payments are important for simplifying customer journeys. In many use cases, such as rental
agreements, being able to capture the payment without adding an extra step is the way tostreamline the customer experience.
Many DTM transactions include an initial payment. This is one of the bottlenecks of digitaltransactions. A growing number of providers are including payments as part of their solution.
There are two approaches to doing this: adding a payment to a document agreement or building
applications that leverage DTM provider APIs. Many of the providers in this report offer robust
DTM APIs for integrations.
One of the providers in this report, eOriginal, helps to power digital loan applications. Increasingly,
many firms are also taking the extra step to design entirely new digital services by leveraging a
digital platform approach.
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Cyber War, DTM, Data Residency, and Cloud Deployment options
Given cyber war and the all-out attack on private, public and government enterprises, security anddata residency becomes front and center. Understanding where your documents are being stored is alarger issue. Choosing between types of clouds is a deployment choice, and given the need for private
cloud (on-premise) for content storage, this may impact the DTM provider who is selected.
Multi-cloud—the ability to leverage different cloud environments—and hybrid cloud—leveraging public
and private clouds—are now here. Enterprises need to understand how DTM providers deal with public
and private cloud and how this affects data residency. For many reasons, more countries are requiring
data to stay in their country, and that is forcing enterprises to look more closely at their DTM provider’scapabilities.
While SaaS is great for many SMBs, there may be large enterprises that want both public and private
cloud options. Enterprises often still keep mission-critical content processes in a private cloud, but thefocus has shifted to containerization. With the advent of containerization, enterprises can now havemore choices for keeping their content co-resident in their data center.
DTM Market Overview
Digital Transaction Management Basic and Advanced Capabilities
The DTM market continues to grow, and due to the sheer amount of paper transactions that exist
today, basic DTM (eSignature) still represents a large part of the spending. However, large
enterprises are now going further. Form replacement is being balanced against new digital
services. Deployment choices are increasing as the various forms of cloud (public, private,hybrid) services to digitally manage a wide range of document-centric business processes are
evolving quickly. Data governance will often dictate keeping content and data in the country oforigin.
DTM goes beyond content and document management to include eSignatures, authentication,and nonrepudiation; document transfer and certification; workflow; data and forms integrationand management; secure archiving that goes beyond records management; and a variety ofmeta-processes around managing electronic transactions and the documents associated withthem.
DTM platforms are becoming more robust and go beyond just eSignature. Today major providers
offer a number of capabilities that make them full platforms. See below and figure 5:
•
•
•
•
•
•

Electronic and Digital Signatures
Workflow and Content Automation
Content AI
Clickwrap Transactions
API and Transformation Services
Mobile Apps

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Content AI (see above) is making its way into the DTM market. Moves over the last few years byboth DocuSign, HelloSign and Namirial are showing up in products and new services, such as a
streamlined onboarding application offered by Namirial.
The other big addition to DTM is clickwrap transactions, a response to the sheer growth ofecommerce transactions and the need to verify and ensure the terms of each transaction. While
clickwrap is new, there are two providers, DocuSign and Ironclad, who both offer clickwrap as
one of their product offerings.

Figure 5: DTM platforms are emerging that leverage automation and AI-based analytics.

The need to look at which document processes should be all-digital is a critical step. Making it
easy for end users is also critical. That is why it is important to separate the technical backboneof how things happen vs. what users need to accomplish.

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The Aragon Research Globe™ for Digital Transaction Management,2022(As of 3/1/22)

Figure 6: The Aragon Research Globe for Digital Transaction Management, 2022.

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Leaders
Adobe
Adobe has continued to invest in content solution offerings for the enterprise. Adobe offers
Adobe Document Cloud that includes Acrobat, Adobe Sign, and PDF Services APIs. Its
popular PDF platform, Acrobat Pro, offers single user signing. Adobe Sign API enables
integration across applications, with pre-built integrations across key systems. Sign Embed
enables the integration of Adobe Sign into customer products. Adobe Sign is also integrated
with Adobe Experience Manager (AEM) Forms and Document Cloud. In 2021, Adobe
expanded its partnership with Microsoft and introduced new ones, including its November
2021 partnership announcement with Veeva Systems.
Document Cloud features a focus on PDF-based documents as one of the overall standards.
Adobe Sensei is now more integrated with PDFs. It delivers AI/ML capabilities arounddocument generation, accessibility tagging, and content extraction. Liquid Mode provides amobile-optimized experience for PDFs by using AI/ML to understand and identify parts of a
PDF such as headings, paragraphs, images, lists, and tables and reflow for improved mobile
reading.
In 2021, Adobe announced that Adobe Experience Manager Forms was rebuilt andrelaunched as a Cloud-native service and fully integrated with Adobe Sign. AEM is fully mobile
enabled allowing users to use multiple devices to design and render forms. Additionally, AEM
Forms offers an automated forms conversion feature that supports batch conversion of PDF
or XDP forms into mobile-friendly adaptive forms at scale. Its strengths in increasing efficiency
and digital experiences in paper-intensive industries, including financial services, government,
and healthcare continue to allow Adobe to do well.
Adobe continues to expand its PDF and adaptive forms capabilities that can be found in
multiple product offerings, including Adobe Experience Manager Forms and Adobe
Document Cloud.
Strengths● Brand and financial stability● SMB offering with Acrobat Pro● Advanced DTM capabilities● Partner network● Broad set of digitization components© 2022 Aragon Research Inc. and or its affiliates. All rights reserved.

Challenges● Balancing native vs. partner capabilities

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Conga
Conga, under the leadership of CEO Noel Goggin continues to expand its portfolio and its
management team. In January 2021, it announced that former DocuSign executive Grant
Peterson had joined Conga as chief product officer. In DTM, Conga Sign is its flagship offeringthat complements its WCA platform. Conga now offers a growing set of offerings including
Conga Sign, Document Generation, Configure Price, Quote, and Contract Life Cycle
Management. Its focus is now on revenue lifecycle management.
In August 2021, Conga acquired Contract Wrangler to bolster its capabilities in overall content
life cycle management, including content AI. Conga and Salesforce have a long history together
and Conga offerings are some of the leading solutions in the Salesforce AppExchange. Its
Revenue Lifecycle Management Solutions has been gaining traction and has a record number ofusers. With Contract Wrangler, Conga now has more of its own content AI to analyze contracts,
streamline workflows, and then proactively provide actionable insights and recommendations tousers.
Conga’s quote-to-cash offering when combined with contract lifecycle management capabilities
make it a strong choice for revenue operation teams. Its growing DTM and WCA portfolio also
make it a candidate in multiple industries—and it should benefit from its partner Salesforce,
which has a growing focus on industries such as healthcare, financial services, technology, andmedia/communications. Conga’s increased focus on rationalizing and expanding its product line,
as well as its investment in content AI position it well to meet the demands that enterprises facein DTM and content automation.
Strengths• Salesforce integration• Document generation• Contract lifecycle management• Analytics• Ease of use© 2022 Aragon Research Inc. and or its affiliates. All rights reserved.

Challenges• Awareness outside of Salesforce Ecosystem

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DocuSign
DocuSign has continued to show record growth based on demand for its core DTM
capabilities as the race to transform from paper to digital shows no sign of slowing down.
DocuSign now offers a portfolio of solutions under the DocuSign Agreement Cloud, including
DocuSign eSignature, Notary, Insight, CLM, and Click. DocuSign also touts its growing
capabilities in clickwrap, which is expected to see growth as the shift to eCommerce-based
online stores continues
As part of its focus on partners and integration, DocuSign now offers DocuSign eSignature
for Microsoft Approvals from within Microsoft Teams. DocuSign offers DocuSign Notary,
based on its acquisition of Liveoak Technologies in June 2020. Its Agreement Cloud is a suiteof products that helps companies connect and automate the way they prepare, sign, act on,
and manage agreements. DocuSign Gen has been updated to allow invoice generation anddelivery for enterprises that use Salesforce Billing. Additionally, DocuSign Negotiate layers on
the ability to redline and track documents as part of sales negotiation.
DocuSign has expanded its focus on AI and offers DocuSign Insight and DocuSign Analyzer,
which reads inbound agreements and helps enterprises with negotiations of a contract.
DocuSign CLM combines DocuSign Gen with a workflow engine, Word-accessible clauselibrary, and centralized searchable repository. As DocuSign continues to bolster and expand
its product line, it also now sees slowed down demand for core eSignature.
Strengths● Expanded agreement cloud platform● Ease of use● Brand recognition● Mobile experience● Security● APIs and developer community focus© 2022 Aragon Research Inc. and or its affiliates. All rights reserved.

Challenges● Complex DTM processes

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HelloSign
HelloSign, a Dropbox company, has spent considerable time making its eSignature offering
compatible with the Dropbox platform. HelloSign offers its core DTM platform HelloSign, its
WCA offering HelloWorks, HelloFax and HelloSign API. In 2021, HelloSign launched a newnative mobile apps for both iOS and Android. HelloSign continues to expand globally,
particularly in Europe, and is leveraging its new capabilities in 21 different languages as well as
offering support for European Data Residency. HelloSign will be able to take advantage of
Dropbox's growing AI capabilities, which include a focus on image analytics.
HelloSign’s native integration with Dropbox means more Dropbox customers to get exposure
to the HelloSign platform, which has led to incremental sales. HelloSign has continued to offer
flexible ways to use its platforms and advances in its API offering allow it to win a number of
new accounts. Its HelloWorks workflow and content automation platform automatesdocument-based workflows with a no-code user interface that is seamless and easy to use.
HelloSign continues to offer integrations with Microsoft, Salesforce, Google, HubSpot, Oracle,
and others. In the race to digital, HelloSign’s HelloFax offering continues to assist firms thatneed fax capabilities but want them in a digital fashion. The Dropbox native integration with
HelloSign makes Dropbox a complete content automation platform. As Dropbox continues tointegrate HelloSign into its core platform, we see upside revenue potential as more and more
Dropbox customers get exposure to the HelloSign DTM platform.
Strengths● Native integration in Dropbox and all major
FSS providers● Ease of use with Google Drive● Workflow and content automation● Salesforce integration● Oracle integration● Global infrastructure with Dropbox● APIs● Ease of Integration© 2022 Aragon Research Inc. and or its affiliates. All rights reserved.

Challenges● Overall awareness

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IroncladIronclad, based in San Francisco and led by CEO Jason Boehmig acquired PactSafe in March
2021. It also announced its Series E funding round of $150M, bringing its total funding to$333M. Ironclad’s PactSafe unit helped to pioneer the clickwrap transaction platform market.
Ironclad’s portfolio includes Contract Lifecycle Management, DTM eSignature, Clickwrap
Transaction Management and more.
Ironclad also offers Ironclad Sign, its electronic signature offering, which offers signing options
and provides templates for sales teams to create key contracts faster. Ironclad offers both ad
hoc and dynamic document generation that is tied to user behavior, product selection, andother form data that can be rendered through its content engine in real-time. Ironclad alsoenables version control and a streamlined approach to updating agreements. In many cases,
teams managing documents can simplify or remove manual steps to generating and executing
documents by configuring standalone, no-code clickwrap transaction use cases.
Ironclad’s CTP offering enables enterprises to create, deliver, manage, track, and archive
clickwrap transactions. Its platform offers versioning and vaulting of online terms andagreements, presentation and tracking of online agreements, and DTM options to sign or click.
PactSafe extends contract delivery capabilities, enabling enterprises to deliver important
documents via text messages and other channels.
As clickwrap transactions become a larger part of online eCommerce-based transactions,
Ironclad is well-positioned for this segment of the DTM market. A unique offering of Ironclad’s
CTP is the ability to automatically capture screenshots of all clickwrap transactions to improve
the audit trail.
Strengths● DTM platform● Digital Onboarding● Deployment flexibility: SaaS (private/public)
and on-premise● Complete, fully integrated eSignature portfolio● Security and compliance (e. g., eIDAS)● Support for signing pads
● Handwritten biometric authentication© 2022 Aragon Research Inc. and or its affiliates. All rights reserved.

Challenges● Awareness in North America

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RESEARCH NOTE
Number: 2022-05v
March 3, 2022

Namirial
Namirial, under the leadership of CEO Max Pellegrini, continues to focus on its DTM-based
Trust Services, with a focus on growth and market expansion. Namirial has started to expand
via acquisition and made two recent deals that help with technology and with market
coverage. In November 2020, Namirial added content AI capabilities with the acquisition of
Netheos. Netheos will add native digital identity capabilities that use AI to speed up theidentity of customers for digital onboarding and KYC applications. Additionally, on February
1, Namirial announced that it was acquiring Evicertia, a provider of trust services and DTM
capabilities that services Spain and Southern Europe, as well as Latin America.
Namirial’s product and service offerings now include its DTM-based Trust Services, its coreeSignAnyWhere eSignature capabilities, workflow and content automation, and Digital
Onboarding/KYC and Content Management. For eSignAnyWhere, Namirial offers some of themost robust signing options, including electronic, digital, and biometric.
With the addition of Netheos, Namirial now has an AI platform that will speed up digital identityand onboarding. This represents a strengthening of its eID AnyWhere offering, an omnichannel digital onboarding platform enabling KYC processes at different level of assurance
via live video chat, video selfie, electronic identity documents, and digital identities.
Onboarding has been a tedious process and now with Netheos, Namirial will be able tocompete for large digital onboarding deals.
Strengths● DTM platform● Digital onboarding● Deployment flexibility: SaaS (private/public)
and on-premise● Complete, fully integrated eSignature portfolio● Security and compliance (e. g., eIDAS)● Support for signing pads
● Handwritten biometric authentication© 2022 Aragon Research Inc. and or its affiliates. All rights reserved.

Challenges● Awareness in North America

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RESEARCH NOTE
Number: 2022-05v
March 3, 2022

NintexNintex is a leading digital business platform (DBP) and innovator in workflow and content
automation (WCA) and digital transaction management (DTM) that continues to expand thebreadth of its Nintex Process Platform. With the company’s June 2021 acquisition of DTM
market leader AssureSign, Nintex has since integrated native eSignature capabilities into its
next-generation Nintex Workflow Cloud and top-rated Nintex Drawloop DocGen app,available on the Salesforce AppExchange, that is leveraged by organizations to quickly andeasily automate the assembly and digital distribution of documents.
Nintex continues its mission to expand its addressable market. On February 15, 2022, thecompany announced that it was acquiring Kryon, an Israeli-based process discovery
innovator and RPA leader that has deep understanding of AI and computer vision that willfurther propel Nintex into the intelligent process automation market. Kryon is Nintex’s firstacquisition under its new majority investor TPG, and the company’s third acquisition in 16
months.
Nintex is positioning itself to become an organization’s de facto process system of record
with easy-to-use and powerful tools for process discovery, mapping, end-to-end automation,and optimization. Nintex also offers real-time process analytics that help enterprises
understand what is happening in their automated workflow and content processes so they
can continuously optimize them. This also enables a complete end-to-end routing of data andcontent, with minimal human intervention.
Nintex remains one of the largest privately held process automation software vendors in theworld with annual sales exceeding $275 million and one of the larger independent digitalbusiness providers. Nintex offers a growing portfolio of DTM and content and process
automation capabilities that spans multiple clouds.
Strengths
●
●
●
●
●
●
●

Ease of use
Advanced workflow and content automation
No-to low-code approach
Visual business process management
Robotic process automation with fast time tovalue
Automated document generation
Automated workflow generation●

Microsoft and Salesforce integrations© 2022 Aragon Research Inc. and or its affiliates. All rights reserved.

Challenges● Rapidly integrating newly acquired technology

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RESEARCH NOTE
Number: 2022-05v
March 3, 2022

Signeasy
Signeasy has expanded its market footprint globally, serving more than 40,000 businesses
with a focus on SMB and mid-market segments. Signeasy, a multi-device platform, has grown
due to its easy, intuitive eSigning experience, and popularity in the App store and Google Play
store. For developers, Signeasy provides a rich and flexible API platform to integrate
eSignatures into their core software and business workflows such as customer, agent andemployee onboarding.
2021 saw Signeasy also invest in its Google, Microsoft, and Salesforce partnerships, leading
to market expansion in North America, Europe, and Asia Pacific. Its most recent integration‘Signeasy for Salesforce’ is a modern, purpose-built eSignature solution for sales teams. This
year, Signeasy released additional features for Microsoft Teams enabling users to send
documents out for signature internally or externally without leaving the Teams interface, andexpanded their Google footprint with Google Sheets integration to offer users a more unified
Google Workspace experience.
Apart from Apple App Store and Google Play Store, Signeasy is available on the Google
Workspace Marketplace, Microsoft App Source, and now the Salesforce AppExchange.
Signeasy is available in 24 languages, supports all major document formats, and offers acentralized dashboard for user management as part of their team and business plan. Signeasy
also leverages Box, Google Drive, Dropbox, and Microsoft OneDrive for document storage
and archiving.
This year, they have revamped their admin experience with the launch of usage reports. In linewith their strategy to move upmarket, Signeasy has invested significantly in security andcompliance to become SOC2 Type II and HIPAA compliant. With global coverage for sales andsupport and transparent and flexible pricing, Signeasy is one of the providers to watch.
Strengths

Challenges● Ease of use● Mobile apps (iOS and Android)● Security & Compliance● Modern, easy-to-integrate APIs
● Global language support● Salesforce Integration● Microsoft Teams and Office 365 Integration● Google Workspace Integration© 2022 Aragon Research Inc. and or its affiliates. All rights reserved.

● No support for qualified eSignatures

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RESEARCH NOTE
Number: 2022-05v
March 3, 2022

Box
Box, based in Redwood City, CA and led by CEO Aaron Levie, made a major move into the digitaltransaction management market in 2021 with the launch of Box Sign. Box Sign, launched in July
was the result of its acquisition of SignRequest earlier in 2021. This is a major market expansion
for Box which has been a market leader in cloud and enterprise content management. In addition
to the core content management capabilities, the Box product family now includes Security (BoxShield), Box Governance, Workflow (Box Relay), Box Platform, Box Zones, Box KeySafe, andContent Migration (Box Shuttle).
The disruptive move that Box made with Box Sign was to add it to its Box Content Cloudofferings at no extra charge. Now tens of thousands of Box customers are able to use Box Sign’s
native e-Signature capabilities since it’s included in their Box subscription. Additionally, Boxalready has Box Relay, its native workflow automation solution. The Box Content Cloud allows
users to create, secure, share, edit, publish, approve, sign, classify, and retain files within theentire content lifecycle. This helps Box offer a more complete DTM offering than just e-Signing.
For DTM, Box was already leading in security. With Box Shield, enterprises that want secure eSigning can leverage Box Shield and its policy creation capabilities and apply them to digitaltransaction management use cases. Threat detection is something that other DTM providers
may want to emulate. Box is also focusing on content intelligence with Box Skills, whichleverages machine learning from partners such as IBM, Google, and Microsoft to enrich content.
We expect that enterprises with custom and/or high-volume e-Signing needs may want to
explore the API capabilities offered by Box Platform, which offers configurations for high-volume
API-usage. Box made a well-timed move into the DTM market and with its full content platform
and workflow, it is a complete DTM provider. Given that all Box business customers can now
take advantage of Box Sign to execute unlimited e-Signatures at no additional cost, we expect
to see market disruption. This makes Box one to watch in the DTM market.
Strengths
Challenges
•
•
•
•
•
•
•
•
•

Brand recognition
DTM support
Native content security
Secure collaboration across the extended
enterprise
1,500+ integrations with major LOB andproductivity apps
Cloud focus
Industry focus
APIs
Install base© 2022 Aragon Research Inc. and or its affiliates. All rights reserved.

• On-premise options

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RESEARCH NOTE
Number: 2022-05v
March 3, 2022

Contenders
eOriginal
eOriginal is now a wholly-owned subsidiary of Wolters Kluwer, which focuses on health, tax
and accounting, finance, compliance, and legal markets. Its eOriginal unit offers a DTM
platform called ClosingCenter, which is a digital loan platform that powers a number offinancial enterprises. ClosingCenter offers a simple and intuitive closing experience formortgage lenders, borrowers, and settlement agents. Besides ClosingCenter, eOriginalcontinues to offer its eVault asset management and its eOriginal SmartSign signaturecapabilities.
eOriginal’s trusted approach ensures that all ESIGN, UETA, and UCC legal requirements andrecommendations are fully met to establish a burden of proof for an authoritative copy that islegally enforceable (i.e., Digital Original™ documents).
ClosingCenter features its Remote Online Notary hub that allows contactless digital mortgage
closings. eOriginal has continued to expand its leadership position in digital mortgage andenhanced liquidity in the industry with customers across the ecosystem: Quicken Loans, Wells
Fargo, Fannie Mae, Fairway Independent, and Ginnie Mae. In what continues to be a hybrid
work environment, eOriginal is one provider that is well-positioned to enable digital mortgagetransactions in a completely remote fashion.
Strengths● DTM platform● Asset management● Deep experience with digital assets on thesecondary market● Digital mortgage solution● Integration with other eSignature providers© 2022 Aragon Research Inc. and or its affiliates. All rights reserved.

Challenges● Awareness outside of financial services

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RESEARCH NOTE
Number: 2022-05v
March 3, 2022

Mitratech
Mitratech has continued to expand its product portfolio from its original legal operations
heritage. Its new, expanded focus now includes workflow automation, risk and compliance,and HR and immigration. In 2021 it acquired Quovant to focus on spend management andlegal bill review. Besides its native eSignature support, Mitratech TAP Workflow Automation
provides solutions spanning multiple industries, including specialty apps designed for legal,
compliance, human resources, procurement, and finance. Mitratech has also been acquiringfirms in related markets. In July 2020, it acquired Tracker Corp, which manages all aspects ofimmigration-focused I-9 forms, making it a vertical WCA offering. In addition to Tracker,
Mitratech also acquired five other firms in the last year. Mitratech TAP is also integrated with
Adobe Sign, DocuSign, Namirial and others.
Mitratech has continued to expand the TAP platform with new features and modules, including
advanced document generation capabilities, collaboration capabilities, and dynamic, multilanguage support for intake forms. In 2020, Mitratech made seven of its TAP Automation
templates available at no charge to assist enterprises in dealing with COVID. TAP has a robust
set of APIs for integration with third-party apps, including Microsoft, Salesforce, andMitratech’s growing portfolio of solutions. For law firms and for corporate legal teams,
Mitratech has embraced content automation as one of its core planks.
Strengths● Workflow and content automation● Drag-and-drop design tools● APIs and integrations● Ease of use● Custom interfaces● Real-time collaboration● Security© 2022 Aragon Research Inc. and or its affiliates. All rights reserved.

Challenges● Awareness outside of legal departments

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RESEARCH NOTE
Number: 2022-05v
March 3, 2022

OneSpan
OneSpan announced a new CEO, Matthew Moynahan, in November 2021. OneSpan
continues to focus on eSignatures, identity verification, authentication, and mobile security.
OneSpan has continued to offer a highly secure DTM offering due to its focus on regulated
and compliance-driven markets such as banking, financial services, and insurance.
In February 2022, OneSpan and Smart Communications announced a partnership where
Smart Communications will leverage OneSpan DTM capabilities along with its WCA andCCM offerings.
OneSpan’s Virtual Room solution, which combines digital authentication and identity
verification, videoconferencing, and co-browsing with OneSpan Sign’s e-signaturecapabilities, focuses on digitally replicating the face-to-face agreement process for complex
agreements that benefit from human mediation.
OneSpan continues to offer its Qualified Electronic Signature capabilities through its TSP
Program, which enables all three forms of eIDAS signature types. OneSpan continues to be
one of the few DTM providers with a U.S. Federal Government FedRAMP Cloud
Certification. OneSpan has a robust partner ecosystem that includes partnerships withPegasystems, Laserfiche, Guidewire, Salesforce, nCino, and 90 others. As cyberwar
continues to grow, OneSpan’s focus on security and identity will help to differentiate it in theoverall DTM Market.
Strengths● Financial services & government● Asset management● FedRAMP Certification● Salesforce & CPQ integration● Advanced authentication capabilities (e.g.,mobile biometrics)© 2022 Aragon Research Inc. and or its affiliates. All rights reserved.

Challenges● Balancing focus on security vs DTM

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RESEARCH NOTE
Number: 2022-05v
March 3, 2022

Sertifi
Sertifi continues its focus on the hospitality industry. Sertifi offers three core product offerings:
Sertifi Agreement Platform, Sertifi Authorization Platform, and the Sertifi API. Sertifi also hasa billing offering that leverages Sertifi Payments and eSignature capabilities and integrates
directly with Salesforce CPQ and Salesforce Billing. The Sertifi API offering for deeper
integration with applications, and customer experiences, such as including embedded forms
on customer websites.
Sertifi continues to see success in the hospitality industry. In September 2021, Sertifi and Infor
announced a general partnership that focuses on hospitality, a focus area for both companies.
Sertifi eAuthorize integrates into Oracle Hospitality OPERA for automatic property
management system (PMS) payment authorization posting, and Sertifi Closing Pro+
integrates into Amadeus Hospitality’s Advanced Module for sales and catering teams tocollect secure event deposits faster.
Strengths● Hospitality market focus● Built-in payment capture technology● Electronic signature experience● Zuora and Salesforce integrations● Salesforce integration© 2022 Aragon Research Inc. and or its affiliates. All rights reserved.

Challenges● Awareness outside of U.S.

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RESEARCH NOTE
Number: 2022-05v
March 3, 2022

Smart Communications
Smart Communications, based in the United Kingdom and led by CEO James Brown, hascontinued to focus on content automation and CCM while building out its data collection anddigital form solutions with SmartIQTM. Smart Communications now has three main productofferings: SmartCOMMTM, SmartIQTM (formerly Intelledox), and SmartDXTM. SmartCOMM is
the traditional CCM platform, which uses modern templates to enable communications tocustomers via multiple channels. In January 2022, Smart Communications announced that it
was partnering with OneSpan, and that OneSpan Sign would be integrated with the Smart
Communications Platform. Previously, Smart had partnered with DocuSign for years.
In 2021, Smart Communications announced that it would deliver a full cloud-based solution
to Europe, powered by Amazon AWS. Smart Communications has its own data centers thatit leverages for customer deployments.
SmartIQ features what its calls adaptive interviews, which collect information—connecting tothird-party systems of record—and then use new and existing data to automatically generate
personalized digital content and documents on-demand via its intuitive user experience.
SmartIQ’s low-code approach allowed it to work with financial institutions to offer a complete
Paycheck Protection Program (PPP) in record time. SmartDX provides trading documentation
generation and collaboration for leading investment banks.
The Smart Communications Conversation CloudTM platform provides enterprises with a robust
set of capabilities designed to enable a full customer conversation including onboarding,workflow, collaboration, and content automation.
Strengths● Journey-based document
workflow● Content automation● Data collection● Ease of use● Intelligent user experiences● Journey analytics● Partnerships● Payments

Challenges
creationand© 2022 Aragon Research Inc. and or its affiliates. All rights reserved.

● Partners for eSignature

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RESEARCH NOTE
Number: 2022-05v
March 3, 2022

Topaz Systems
Privately held Topaz Systems continues to offer dedicated Signature Tablets and LCD
Signature Tablets for eSigning. Use cases include pen-based signing and fingerprint-based
biometric signing. It continues to leverage its European subsidiary Euronovate for eSignatures
as well as a focus in the European market. Euronovate offers a full set of electronic and digital
signature capabilities.
The Topaz GemView 7 tablet that has a 7-inch diagonal view Topaz has seen success inindustries, including healthcare, insurance, government, and retail. Topaz offers a wide arrayof integrations via its SDKs. These include support for Adobe Acrobat, FoxPro, Microsoft
Office, and leading web browsers.
Topaz has a strong partner ecosystem that includes over fifteen different go-to-market
partners in the Americas—many of which have a significant focus on healthcare andautomotive. Euronovate is helping Topaz in the European market.
Strengths● Brand● Focus on tablets● Install base
● Reseller network© 2022 Aragon Research Inc. and or its affiliates. All rights reserved.

Challenges● Primarily known for its tablet-based Signature
Pads

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RESEARCH NOTE
Number: 2022-05v
March 3, 2022

Wacom
Wacom is a global provider of digital pen and ink solutions including both hardware andsoftware. Its Wacom for Business solutions group offers both Tablets, Pens and DTM
software for eSigning and signature verification. Wacom’s hardware and inking technologies
are designed to leverage Wacom Tablets as well as supported third party devices. Wacom’s
Ink SDKs provides a level of understanding on signatures that few can match due to its ability
to understand embedded meta-data, biometrics, and semantic/contextual ink data.
The Wacom for Business product suite includes the STU-540 Color Signature Pad and DTH1152 Pen & Touch Display. Wacom software offerings include sign pro PDF (app and API),signature verification, form processing, and digital ink APIs, which now can be digitally
verified. The Wacom for Business DTM products are fully integrated with Wacom’s hardware
portfolio of signature pads, interactive displays, smart pads, and digital pens. Wacom has
also built robust OEM relationships with major PC, tablet, and smartphone manufacturers toembed Wacom technology in their devices.
Wacom focuses on four key industries, including banking, healthcare, retail, and insurance—
where signature fidelity and security are key. Wacom provides its proprietary sign pro PDF API
and a full suite of software development kits (SDKs) to allow enterprises and partners todevelop unique solutions that integrate with legacy applications.
Strengths● Brand● Tablets and smart pads
● Signature verification capabilities● Industry solutions● Reseller network© 2022 Aragon Research Inc. and or its affiliates. All rights reserved.

Challenges● Market awareness in DTM

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RESEARCH NOTE
Number: 2022-05v
March 3, 2022

Innovators
CitrixCitrix offers a standalone basic DTM solution, RightSignature, and a more comprehensive
solution, Citrix Content Collaboration, bundling RightSignature with its flagship Citrix
ShareFile solution for cloud content management, and Citrix Podio for workflow automation.
Citrix Content Collaboration is an integrated, secure document collaboration and workflow
solution that boosts worker productivity, improves the client experience, and automatesdocument centric workflows. As part of its digital workspace strategy, Citrix has madesignificant investments to integrate with business applications including Microsoft and Google
productivity solutions.
RightSignature continues to offer a payments option, which, by integrating with Stripe, allows
for SMBs to collect payments right at the time of the transaction. RightSignature provides afully featured eSignature offering, including multi-party signatures, templates, and bulk-send
capabilities.
Citrix is in the process of being acquired by two private equity firms—Vista Equity andEvergreen Coast Capital—for $16.5B and after that is completed will become a privatecompany.
Strengths● Brand● Integrated cloud content management● Payments● Multi-party signatures● Templates● Price efficient● Digital workplace focus© 2022 Aragon Research Inc. and or its affiliates. All rights reserved.

Challenges● Awareness of DTM offering

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Digital Workplace Service

Number: 2022-05v
March 3, 2022

PandaDoc
PandaDoc, based in San Francisco, announced a Series C funding round but did not disclose
the amount. This comes on top of its $30M round it last got in August 2020. PandaDoc offers an
all-in-one document workflow automation platform with eSignature capabilities. PandaDoc is
known for its ease of use for document creation and its forever-free eSignature product.
PandaDoc use cases vary from sales-focused quote, proposals, and contracts to internal
company use cases such has HR and compliance. Payment can also be accepted throughPandaDoc upon eSignature completion to finalize transactions. New capabilities launched in
2021 include PandaDoc Forms to simplify data collection, Contract Negotiations to view,comment on, and accept changes to contracts, and integrations with Slack, Zoom, Microsoft
Teams, Google Workspace, and Monday.com.
PandaDoc continues to make DTM easy to use, partially due to its editor that simplifies
document creation and features built-in collaboration. Advanced analytics allow users to knowwhat documents are being accessed and viewed and enables a better understanding of theirimpact.
One of the key aspects PandaDoc focuses on is the speed of the document creation process.
Users can access a template library of over 750 templates to jump start their document creation,
create a content library of approved documents, or integrate with their CRM to automate custom
fields into documents. PandaDoc integrates with 16 CRMs, including Copper, HubSpot,
Pipedrive, Salesforce, and Zoho.
Strengths• Ease of use• Document generation• eSignature• Integrations• Payments• Analytics© 2022 Aragon Research Inc. and or its affiliates. All rights reserved.

Challenges• Market awareness

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RESEARCH NOTE
Number: 2022-05v
March 3, 2022

airSlate
airSlate, based in Boston, continues to offer its DTM platform with a growing focus onpartnerships in a number of vertical markets. airSlate offers a growing set of capabilities thatenhance its core eSignature capabilities. These include RPA capabilities, document
generation, surveys, webforms, and contract management. airSlate is an all-in-one, no-code
platform that allows anyone to create, automate, and deploy business processes. The solution
combines web forms, eSignature workflows, pre-built document templates, and 100+ nocode bots to help individuals and teams digitize their own automated interactions.
airSlate continues to offer PDFfiller, an end-to-end document management solution, it
transforms static PDFs into interactive documents. Its flexibility and feature set help digitize
a multitude of use cases—from sales to operations to accounting and legal.
In 2021, it launched its low code workflow and content automation capability that it calls flow
Creator. signNow is also available via the Salesforce AppExchange partner network. airSlate
also supports integrations with Box, Dropbox, Egnyte, Google Drive, Microsoft OneDrive, and
NetSuite. In 2021, airSlate partnered with RentTango to improve its focus on real estatetransactions. This along with its integrated payments will help it compete in B2C markets
where payments are needed.
Strengths● Pricing● Mobile app● In-app purchase option● Workflow and content automation● API● Allows for company branding© 2022 Aragon Research Inc. and or its affiliates. All rights reserved.

Challenges● Market awareness outside of the U.S.

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Number: 2022-05v
March 3, 2022

ZorroSign
ZorroSign, headquartered in Phoenix, continues to focus on it DTM offerings with a growing
focus on blockchain. Over the last two years, ZorroSign has added Provenance Blockchain
to its architecture, effectively becoming a multi-chain blockchain platform beyond its
Hyperledger Fabric base, and also updated its offerings and its product naming. Its productportfolio now includes Z-Sign, Z-Flow, Z-Fill, Z-Vault, Z-Forensics, and Z-Verify. It offers its
digital signatures technology as its core DTM offering, which is now focused on the midmarket. It also offers patented Z-Forensics token technology, a unique, built-in advanced
security feature that detects document fraud and signature forgery, and eliminates the needto purchase yearly digital security certificates.
Z-Fill now includes intelligent forms fill-in using artificial intelligence and machine learning. ZFlow allows enterprises to build both standard and customized workflows that are tied toeSigning. ZorroSign is also focused on a number of industries, including Financial Services,
Legal Services, and Technology. The DTM platform capabilities, combined with its advanced
security, will make ZorroSign attractive in markets such as government, real estate, insurance,
IT, and legal.
Strengths● Real electronic signature● Token-based security● Mobile biometrics● APIs and integrations● Ease of use© 2022 Aragon Research Inc. and or its affiliates. All rights reserved.

Challenges● Market awareness

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March 3, 2022

Aragon Advisory●●●●

Paper processes slow down the enterprise. Enterprises should look to deploy basic DTM
capabilities to start signing agreements electronically.
Enterprises should ask their provider what their roadmap is for content AI.
Security continues to be one of the looming issues for transactions. Understand provider
roadmaps as it pertains to security.
It is important to evaluate ease of use for senders and for signers, particularly the mobile
signing experience.

Bottom LineThe hybrid work environment we are still in means that paper needs to be eliminated for any documentbased transaction. Enterprises should look to expand basic DTM signing opportunities, and also lookat the same time to integrate DTM capabilities with existing applications. Employee and customer
onboarding are two key areas of opportunity that go beyond basic signing. Enterprises need to look at
all their document processes with a view towards simplifying signing and then later towards automating
the document process.

© 2022 Aragon Research Inc. and or its affiliates. All rights reserved.

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Number: 2022-05v
March 3, 2022

Aragon Research Globe Overview
The Aragon Research Globe graphically represents our analysis of a specific market and its
component vendors. We do a rigorous analysis of each vendor, using three dimensions thatenable comparative evaluation of the participants in a given market.
The Aragon Research Globe looks beyond size and market share, which often dominate this typeof analysis, and instead uses those as comparative factors in evaluating providers’ productoriented capabilities. Positioning in the Globe will reflect how complete a provider’s future
strategy is, relative to their performance in fulfilling that strategy in the market.
A further differentiating factor is the global market reach of each vendor. This allows all vendors
with similar strategy and performance to be compared regardless of their size and market share.
It will improve recognition of providers with a comprehensive strategy and strong performancebut limited or targeted global penetration, which will be compared more directly to others withsimilar perspectives.
Dimensions of Analysis
The following parameters are tracked in this analysis:
Strategy reflects the degree to which a vendor has the market understanding and strategic intent
that are at the forefront of market direction. That includes providing the capabilities that
customers want in the current offering and recognizing where the market is headed. The strategy
evaluation includes:●

Product●

Product strategy●

Market understanding and how well product roadmaps reflect that understanding●

Marketing●Management team, including time in the job and understanding of the market

Performance represents a vendor’s effectiveness in executing its defined strategy. This includes
selling and supporting the defined product offering or service. The performance evaluation
includes:●Awareness: Market awareness of the firm and its product.

●

Customer experience: Feedback on the product, installs, upgrades and overall satisfaction.

●

Viability: Financial viability of the provider as measured by financial statements.

●

Pricing and Packaging: Is the offering priced and packaged competitively?

●

Product: The mix of features tied to the frequency and quality of releases and updates.

●

R&D: Investment in research and development as evidenced by overall architecture.

© 2022 Aragon Research Inc. and or its affiliates. All rights reserved.

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Reach is a measure of the global capability that a vendor can deliver. Reach can have one ofthree values: national, international or global. Being able to offer products and services in one of
the following three regions is the third dimension of the Globe analysis:●

Americas (North America and Latin America)●

EMEA (Europe, Middle East, and Africa)●

APAC (Asia Pacific: including but not limited to Australia, China, India, Japan, Korea, Russia,
Singapore, etc.)

The market reach evaluation includes:●

Sales and support offices worldwide●

Time zone and location of support centers●

Support for languages●

References in respective hemispheres●

Data center locations

The Four Sectors of the GlobeThe Globe is segmented into four sectors, representing high and low in both the strategy andperformance dimensions. When the analysis is complete, each vendor will be in one of fourgroups: leaders, contenders, innovators, or specialists. We define these as follows:●

Leaders have comprehensive strategies that align with industry direction and market
demand, and effectively perform against those strategies.

●

Contenders have strong performance, but more limited or less complete strategies. Theirperformance positions them well to challenge for leadership by expanding their strategic
focus.

●

Innovators have strong strategic understanding and objectives but have yet to perform
effectively across all elements of that strategy.

●Specialists fulfill their strategy well but have a narrower or more targeted emphasis withregard to overall industry and user expectations. Specialists may excel in a certain market orvertical application.

Inclusion Criteria-

A minimum of U.S. $4 million in primary revenue for digital transaction management or aminimum of $10 million in revenue in a related market (content management, workflow,or portal/UX software).
Shipping product. Product must be announced and available.
Customer References. Vendor must produce a minimum of three customer references ineach hemisphere that the vendor participates in.

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Digital Workplace Service

RESEARCH NOTE
Number: 2022-05v
March 3, 2022

Inclusions:
The following vendors were added to this report:
●

Box

●

Ironclad (formerly PactSafe)

Exclusions:
The following vendors were not included in the report but are notable:●

InfoCert●

SigningHub●

SIGNiX●SkySignature●

Indorse Services© 2022 Aragon Research Inc. and or its affiliates. All rights reserved.

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