M+E Connections

After the global launch of Box Sign in the fall, Box saw continued strong demand for its new electronic signature (e-signature) offering in the fourth quarter (ended Jan. 31) and continues to see more growth opportunities with it, according to Box CEO Aaron Levie.

Since the global launch, the company announced “new and enhanced capabilities, integrations and developer tools around Box Sign,” he pointed out to analysts on an earnings call March 2.

Those new capabilities included workflow features that automate processes once a document has been executed and application programming interfaces (APIs) that he noted “power e-signatures in third-party and custom applications.”

With the new capabilities, “Box Sign can now power even more advanced signature-based processes, helping customers move more of their transactions to the cloud,” he said.

The company is “pleased with our customer adoption and use of Box Sign,” he told analysts. Q4 customers included a “leading provider of insurance services throughout the Americas that expanded their use of Box Sign with a six-figure Box Sign API deal … adding unlimited access to Box Sign for their processes,” he said without identifying that client.

Meanwhile, a U.S.-based financial services company expanded its use of Box via a new three-year enterprise license deal and moved to Enterprise Plus, “enabling Box Sign access company-wide and they will be standardizing on Box Sign as their e-signature solution, which will help cut costs,” he noted.

Last, a global marketing agency that had been a Box customer since 2013 moved to Enterprise Plus in Q4 and plans to use Box Sign in its human resources department for employee onboarding, contract renewals and to manage employee policies and contracts in a hybrid work environment, he told analysts.

“We are just getting started with Box Sign and we can’t wait to share more about our product road map at our upcoming Financial Analyst Day,” March 16, he added.

The company, meanwhile, also “made significant product enhancements in security and compliance, collaboration and workflow, and strengthened our ecosystem of partner integrations,” he told analysts.

Box now has “well over 100,000 customers on our platform, and we have an exciting road map to continue our industry leadership going forward,” he said.

The company reported Q4 revenue grew 17% from a year earlier to $233.4 million.

In addition, “our net retention rate was 111 percent” in Q4, “up from 102 percent in the prior year and up from 109 percent in the third quarter, driven by the continued stickiness of our platform and customer expansion rates,” Levie told analysts.

Box scored 128 deals over $100,000 and nine deals over $1 million in Q4, up from 121 and 4 respectively, he noted. For the full fiscal year, its $100,000-plus deals grew 25% from a year earlier, he said.

The company also scored a “record number of our multiproduct suite sales, which now includes our Enterprise Plus plan,” with 83 suite deals in Q4 over $100,000, up 51 percent year-over-year. And for the full fiscal year, its suite deals over $100,000 were up 110% he added.

Box also made “meaningful updates to our governance functionality to help support customers’ legal hold and document retention needs with security, compliance, data governance and privacy capabilities, remaining one of the most critical reasons customers choose the Box Content Cloud,” he went on to say.

“We will continue to make prudent investments to extend our leadership position and reaccelerate growth in this area,” he added.