growth of 52% and 36%, respectively. Our revenue grew from $239.0 million in the six months ended July 31, 2017 to $322.9 million in the six months ended July 31, 2018. For
the years ended January 31, 2016, 2017 and 2018, our net loss was $122.6 million, $115.4 million and $52.3 million, respectively, and we generated a net loss of $31.4 million and $307.4 million in the six months ended
July 31, 2017 and 2018, respectively.
Industry Background
Organizations are facing pressure to transform the process of doing business
The internet and other digital technologies are enabling business to be done faster, easier, and at lower cost than ever
before. And today, people expect business processes to be as efficient and frictionless as their experience of things like
one-click
ordering, instant media streaming, and
on-demand
services from a few taps of a smartphone.
Businesses that
fail to adapt to this new paradigm stand to lose customers to more agile competitors. As a result, many have undertaken major digital transformation projects across the front and back office. While these projects have yielded positive
resultsimproved efficiency, faster time to market, and an enhanced customer experiencethey have been unable to completely address one of the most fundamental elements of doing business: the agreement.
Agreements are foundational to business, but have not yet been transformed
Every day, companies enter into millions of agreements with their customers, employees, and other parties with which they
do businesswhether that be sales contracts, employment offers, work orders,
non-disclosure
agreements, or the hundreds of other examples across every department within a company. These agreements are
fundamental to doing business.
Yet every day, the process is still fraught with friction and frustration. It
could be the upfront paperwork and coordination involvedall the printing, faxing, scanning, emailing, mailing, couriering, and other manual activities. It could be the process of signing and executing agreementswhich can be error-prone
and susceptible to fraud. Or it could be the need to manage those agreements once completea fragmented and cumbersome process at best.
Against this backdrop, the traditional agreement process seems outdated, costly, and unnecessarily difficultand
therefore ripe for transformation.
The signature has been a critical bottleneck in the agreement
process
The ubiquity of personal computing applications has meant the creation of agreement
documentationand, to a limited extent, its sharingwas digitized long ago. For most organizations though, getting those agreements signed has continued to require a physical signature, subjecting people to manual, paper-based processes
that can introduce inefficiencies, errors, complications, and significant costs.
The requirement for a
physical signature can mean the turnaround time to fully execute an agreement is measured in days or weeksoften because of the need to coordinate and obtain signatures across multiple parties, often in multiple locations. This can delay a
companys ability to earn revenue, or even worse, lose deals to more focused or faster competitors.
In
addition to being slow, paper-based signatures create other challenges highlighted in a commissioned study conducted by Forrester Research in December 2014, as described in the independent publication Forrester Research,
Digital Transforms The
Game Of Business Digital Transaction Management Emerging As Key
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