How Signix CEO Jay Jumper grew Signix to $194.7M revenue and 700K customers in 2024.

this is the top where I interview entrepreneurs through our number one or number two in their industry in terms of revenue or customer base you'll learn how much revenue they're making what their marketing funnel looks like and how many customers they have I'm now at $20,000 per top five in six players he's had bent on global domination we just blow Khan a hundred thousand units bull mark and I'm your host Nathan Laska this is 685 coming up tomorrow morning I talked to Danny Golan they raised two hundred and twenty five million dollars further and really he's a very intelligent guy his data focused Israeli fighter pilot and his company is called a common REO it could be the next tech IPO good morning everybody my guest this morning is Jay jumper he's the founder and chief executive officer along with president of a company called Sinex as a highly regarded entrepreneur Jay has worked to establish the company as a leading cloud-based digital signature signature solution a very hot space which we'll get into he has more than twenty years of financial services and technology management experience additionally Jay graduated from the University of Tennessee in 1985 with a BS in marketing Jay are you ready to take it to the top uh-oh okay very good so the electronic kind of document signing space not only is a very fragmented it's extremely competitive where does sinx fit in that world and what's your business model how do you make money well we're a very different and a couple ways so we're the only cloud-based digital signature company in the u.s. or North America everybody else is AV signature solution so we're very different fundamentally we Co we review ourselves as the independent East signature solution so Jay what does that mean we say cloud-based versus electronically signed you know dumb that down for me okay so I actually have a visual how great look at this look at this so as you might can see yep this is a document yep and so what electronic signatures do is if you can see in this document there is an over light so I took the documents in a clear way and what a signature does is they really put a a a signature in the overlay they don't put anything in the document so if I came to you and I said you know make it I'd like you to sign this document well why don't you sign this clear overlay don't sign in the document sign in the clear over light you kind of look at me like you're doing right now like a lot of sense this is a big liability is what you're saying it's not a real con it won't hold up in court well it will still hold up in court it's just that you're dependent upon the e-signature vendor being around forever and always to validate that signature that this this all this is on this overlay is a hyperlink back to a software provider Oh interesting so like when I sign with DocuSign I see the little stamp that says signed with DocuSign with a little weird number that's really what gives it the legal teeth and what you're saying is Nathan if you do that you're highly dependent on DocuSign a hundred percent all right you're right I got it so if I use you guys sign it's you're going to actually give me a completed copy there's no overlay it's a hard copy that'll hold up in court I'm not dependent on you we're going to with with that particular company and all the other Isan companies you have a dependent signature your signature is dependent upon that vendor being around forever and always right yeah and so with us we're going to give you document and we're embedded in the document every signing event we're going to be digital shirts vigil for tickets embedded in the document totally understood yes sorry so how do you which in what's your model are you is it fast based or how do you charge it's all it's all a size based model okay so we we took the infrastructure that's been around for about 50 years called PGI technology public key infrastructure technology and we took that to the cloud where other vendors may have focused on ease-of-use early on we focused on secured it we've added ease-of-use and we find other e-signature companies trying to add security to the module but you know it's very it's much harder to do than adding these abuse and so what is the give a sense of kind of how you charge what's the average customer paying you per month and what did that customer look like typically made of middle-market enterprise etc well a lot of our business where eighty percent of our business is really sold through software partners so we'll private label will partner with software partners where we enable them to help capture the e-signature market that's sitting on their software so if you're a software company that you know has I'm just trying to think has 10,000 customers and you can get $250 you know they're sitting there with about a two and a half million dollar market opportunity with their existing customers so we we allow them to probably label our solutions so it can be rented whatever their product is this is like McDonald's has the hamburger assembly line figured out you can go by to document signing McDonald's and make it your own business that's right fascinating interesting and now what kind of sales do you get from the vendor that you white label - what we do is we did a revenue share with them okay and so they participate in the revenue we get so we give them a very robust highest level Compliance digital signature solution that they don't have to go spend millions and millions dollars trying to build and they can have a private labeled so they feel comfortable when they're going in highly regulated industries it beats and exceeds the requirements needed for those for those industries so whether it's the 20% that you're selling direct to other businesses or it's the 80% of you know the vendors doing the business for you to other businesses again what's the average customer paying you guys I mean are we talking 100 bucks 10,000 a month well I mean we don't get it our pricing is on our website is basically $240 per seat and I gets you 240 transactions per year okay got it now do most people to stick on that or do you have a robust kind of inbound sales team or expansion revenue is critical our emphasis really in supporting the partners so we want to help support the partners as they sell to their customers Tilley understands where a lot of us where a lot of our emphasis and sales resources are we call them McCullen farmers so we're helping farm we're helping our partners form their customer base - a big challenge in this space that I've talked with other people have done a white label strategy that's 100 million dollar plus level is trying to put prices in place where individual vendors don't undercut each other on price how do you set ceilings and floors on this to create an equal marketplace so when we go into a particular industry we tried to match pricing based upon an industry so the pricing and industry may be based on a price per register investment advisor or Broker Dealer and that will be different than the pricing in banking which may be best pond and banking it may be asset size or credit union may be based on members so there may be so we really work on industry and we standardize that pricing so whether partner a or partner B is you'll get the same pricing whatever industry they're in okay got it so it so are you doing some level of professional services work when you sign up a new vendor to customize the sign X technology for their specific niche well we have very robust API and this is really kind of the core of our business early on what calls we weren't doing this really kind of overlay type solution we actually had to consume the document and insert digital certificates into the document so early on people had to integrate into us so we have we've created very robust API so when you're working in within a software there are messages going back and forth and the software user never knows all this is going out and then one of the key things we have is because everything is embedded in the document we have the ability to delete our copy of the document well if you're if it's a dependent e-signature there is really two always a minimum of two copies one that the event that the company has and then one that's off work up the e-signature company has because they have to maintain a copy of that be signature and as we get into security and communi risk having an extra copy of your customers form and data at some other place other than your own creates a lot of liability for companies that they made up they have not thought up why are they doing music these are not stupid people right I mean is there right signatures the Dobies are huge companies that have solutions in this space that use a different text ax than what you articulate why just more difficult to do what you're doing if the engineering cost is higher it is much more difficult so it's kind of like I'm creating here when they created the car they focused on ease of use which is great because early adopters where I want to be able to just sign any document anytime we focused on security in PKI infrastructure and then we added we added these abuse and what do you say in terms of in terms of team size Jay we're around 50 okay and at what percent how many of those folks are engineers about about third okay and we're you guys bass we're in based in Chattanooga Tennessee oh good great we have remote employees all over the place and then take us back ten-second understand sighs now take us back to when you launched this what you're to create this company in repeat that question more time what year Jalan to the company in well we actually acquired the company back in 2002 I had another financial services...