SaaS Interviews with CEOs, Startups, Founders

685: He Loved A Product, So Acquired Whole Business with Doc Signing Signix CEO Jay Jumper

09 Jun 2017

Audio

Description

Jay Jumper. He's the founder, CEO and President of SIGNiX. As a highly regarded entrepreneur, Jay has worked to establish the company as the leading cloud-based digital signature solution which is a hot space. He has more than 20 years in financial services and technology management experience. Additionally, Jay graduated from University of Tennessee in 1985 with a BS in marketing. Famous Five: Favorite Book? – Trump: The Art of the Deal What CEO do you follow? – Jeff Bezos, Warren Buffett and Mark Cuban Favorite online tool? — Email How many hours of sleep do you get?— 5-7 If you could let your 20-year old self, know one thing, what would it be? – Jay would tell himself that hard work and perseverance outdoes anything else Time Stamped Show Notes: 00:45 – Nathan introduces Jay to the show 01:33 – SIGNiX is the only cloud-based digital signature company in North America 01:44 – SIGNiX is an independent e-signature solution 02:00 – Jay shows Nathan a visual of a cloud-based digital signature 02:08 – Put a signature on the overlight, not on the document 02:48 – You depend on the e-signature vendor to be around forever so they can validate the signature 02:56 – On the overlight is a hyperlink that redirects the person to the e-signature provider 03:38 – With SIGNiX, every signature is embedded onto the document 03:52 – SIGNiX is a SaaS model 04:08 – SIGNiX focuses on security 04:32 – 80% of SIGNiX is sold to software partners 04:37 – SIGNiX enables software partners to capture the e-signature market that is sitting on their software 05:05 – Software partners can privately label SIGNiX so they can rebrand it according to whatever the product is 05:25 – SIGNiX does a revenue share with their software partners 05:32 – SIGNiX gives their software partners a highly robust digital signature solution 06:08 – SIGNiX's pricing on their website 06:10 – $240 per seat equals to 240 transactions a year 06:22 – SIGNiX's emphasis is on supporting their partners 06:54 – SIGNiX goes to different industries and tries to match pricing based on the industry 07:37 – SIGNiX has very robust APIs which is the core of the business 08:11 – The key things that SIGNiX offers: everything is embedded in the document and documents can be deleted from SIGNiX 08:18 – A dependent e-signature always has 2 copies, one for the company and one for the customer 09:04 – What SIGNiX is doing is much more difficult 09:30 – Team size is 50 10:00 – SIGNiX was launched in 2002 and was acquired from another company 10:12 – ProNvest is a robo advisor that Jay also owns 10:45 – SIGNiX is a bigger revenue stream for Jay 10:57 – The market for e-signature is very large 11:35 – ProNvest provides management counseling to the 41K marketplace 11:47 – In 2007, more people in 41K are taking their money out rather than contributing 12:06 – Jay really wanted a tool set to work with their 41K providers to help them retain their assets 12:17 – Jay wanted the providers to retain their assets through electronic signatures 12:24 – SIGNiX called Jay 12:40 – The company was struggling and Jay became an investor in the company 12:52 – Jay invested around 50% of the company 13:05 – There was an offer from a public company to buy the company after Jay invested 13:22 – The offer was 5x what Jay paid for 14:00 – In 2001, it was good to have a ".com" but in 2002, Jay needed to have revenue 14:23 – Jay saw the need for having SIGNiX regardless of its previous company struggles 14:33 – Jay really bolted SIGNiX and passed it on an incubator 15:04 – The previous company just spent money on the technology and was burning cash 15:43 – SIGNiX now has 670K customers 15:52 – It is a combination of seats and customers 16:30 – Average MRR 16:57 – SIGNiX gives discounts to their partners 17:18 – If you're working with a software company, you have to figure out a number that works for their customers 18:02 – The number that Jay gave was an annual number 18:20 – SIGNiX does not focus on their competitors because they have a very different product 18:48 – SIGNiX wants to go and find the top software developers in every industry and partner with them 19:03 – First thing that SIGNiX looks for in a software partner is their position and role in their particular industry 19:10 – Ziplogix partnered with SIGNiX and named their solution, Digital Ink 19:25 – SIGNiX has a large portion of realtors in their network 19:35 – SIGNiX doesn't mind being behind the scenes 19:55 – SIGNiX is not a reseller and it becomes the key feature of the product 20:18 – SIGNiX doesn't have a standard percentage split because it varies per company 20:49 – Jay did a lot of self-funding for SIGNiX, but has also raised capital which is an 8-figure total 21:18 – ProNvest is the largest investor in SIGNiX but they needed outside investors to scale 21:38 – The funding rounds SIGNiX had in 2016 had a total of around $90M 23:30 – The Famous Five 3 Key Points: Develop and scale your product until you become a totally different product from your competitors. A business that is struggling does NOT mean that it will struggle forever; decide if the company is worth acquiring and if you can grow it into a profitable business. It's okay if you're not in the limelight—so long as you're getting paid and revenue continues to multiply. Resources Mentioned: The Top Inbox – The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences Hotjar – Gives Nathan a recording of what is happening on a website or where are people clicking and scrolling on the website Organifi – The juice was Nathan's life saver during his trip in Southeast Asia Klipfolio – Track your business performance across all departments for FREE Acuity Scheduling – Nathan uses Acuity to schedule his podcast interviews and appointments Host Gator– The site Nathan uses to buy his domain names and hosting for the cheapest price possible Audible– Nathan uses Audible when he's driving from Austin to San Antonio (1.5-hour drive) to listen to audio books Freshbooks – Nathan doesn't waste time so he uses Freshbooks to send out invoices and collect his money. Get your free month NOW Show Notes provided by Mallard Creatives

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