eSignLive electronic signature adoption on the rise: Company announces 100% increase in year-to-date revenues
Montreal, Qc, August 27, 2001 — Privately held Silanis Technology Inc. today announced that revenues for its electronic signature and approval management software has doubled year-to-date as compared to the same period last year. 170 new government and commercial organizations have purchased Silanis’ software and server products since January 2001 for their internal, business-to-business and Web-based signing applications, bringing the total to over 900 separate organizations and hundreds of thousands of users worldwide.
The company attributes the need for organizations to reduce overhead costs, increase efficiency and maximize employee resources, as well as the passing of last year’s E-Sign Act which granted electronic signatures the same legal status as their pen and paper counterparts, as the contributing factors for the escalated demand.
“The increase in both revenues and new customers confirms Silanis’ position as the world’s largest provider of electronic signature software for signing documents as part of a business approval process, and illustrates the growing demand for the much needed technology,” said Tommy Petrogiannis, President of Silanis. “In the last three months alone, we’ve completed more requests-for-proposal and requests-for-information than in our near 10 year history.”
Select customer design wins in 2001 include: Pratt and Whitney, General Motors Acceptance Corporation Commercial Mortgage Division (GMACCM) for their new 2001 business-to-business initiative, Pew Charitable Trusts, TRW Aerospace, the Internal Revenue Service and the U.S. Mint.
Customers who have replaced their pen and paper signing processes with Silanis’ electronic equivalent have achieved significant bottom line growth. GMACCM, for example, reduced signature-processing time by 50% and doubled its number of daily wire transfers. Further, the commercial mortgage leader now uses the differences in time zones as a competitive weapon. Credit memo approvals, which often require up to 14 signatures from individuals spread across their worldwide offices, are now turned around in less than 24 hours, despite the geographic barriers.
ational City Bank of Cleveland, Ohio, improved customer servicing by 50% and increased new customer accounts from 1,000 to 12,000 in three years without a proportionate increase in staff. Nextira, formerly Williams Communications – the largest distributor of Nortel products, reduced the cost of pre-printed forms and document shipping by 80%.
Further, in anticipation for the growing consumer interest in electronic signatures propelled by the E-Sign Act, Silanis launched one year ago a consumer division called onSign. onSign makes a consumer version of its software available for free, and a low cost version for home office/small office use. To-date, over 250,000 users worldwide electronically sign documents with Silanis’ consumer solution.
Founded in 1992, Silanis Technology, Inc. enables people to spend less time managing paper and more time driving business forward faster and more efficiently with the ApproveItä family of electronic signature products. Over 900 customers in the financial services, government, manufacturing, health and pharmaceutical sectors use ApproveItä Desktop software to sign electronically. This includes the US Joint Chiefs of Staff, the US Army MEDCOM, GMAC Commercial Mortgage, Nationwide Insurance and Dell Financial. Silanis also offers ApproveItä Collaboration Server for legally binding B2B e-signing. Silanis’ sales HQ is located in Washington, DC, and its R&D center in Montreal, Canada. The company also has a regional office in Campbell, CA, and sales and customer support units in other US cities, in addition to a network of value added resellers and integrators worldwide.
ApproveIt is a trademark of Silanis Technology, Inc. Other names and brands mentioned herein may be the trademarks of their respective owners.