A price was not disclosed.
The value of the smaller company, which counts a million users ("and over half of the Fortune 500") in its database, plays into Barracuda's cloud data storage strategy. The company anticipates the adoption of electronic signatures—which are easier, faster and therefore cheaper—to continue to accelerate in business. SignNow's emphasis on mobile applications is icing on the cake.
Barracuda expects to integrate SignNow's technology into its existing cloud and on-premise offerings, though it will remain a standalone product. Founder Chris Hawkins wrote in a blog post this morning that the company is hiring engineers in anticipation of growth.
Both companies are based in California. SignNow was backed by several unnamed angel investors and Khosla Ventures; 10-year-old Barracuda is privately held and backed by Sequoia Capital and Francisco Partners, among others.
"We started SignNow to make it easy for businesses to get documents signed from any device," Hawkins said. "We've built incredibly strong momentum, including seeing the number of paying customers double over the last three months."