eFileCabinet Moves Beyond Dropbox and Box to Provide Paperless Filing
BY TESSA CURRY IN DEALS · STARTUP – JUNE 16, 2015 11:44 AM
Lehi-based eFileCabinet, which recently raised $14 million, is providing a virtual filing cabinet that goes beyond what Dropbox and Box offer.
What started as a way to take an accounting firm paperless in 2001 is now a full blown cloud document management system.
The company works mainly with small and medium size businesses to help them organize documents online in a secure manner.
“It’s a product that helps anyone that has a “physical filing cabinet” in their office,” said Matt Peterson, the company’s CEO. “It allows organizations to go paperless in a secure and compliant fashion.”
With 12,000 customers and 155,000 users
, eFileCabinet is growing fast. Top verticals for the company include financial services, insurance, medical and small government.
The company appeals to many businesses that may have compliance issues due to the nature of their work. Medical offices have HIPAA requirements and many businesses have to meet SEC requirements. eFileCabinet has repositories that meet those regulatory requirements. Unlike Dropbox or Box, you can safely store sensitive documents without having to worry about breaking code. While those companies have brought cloud storage to light, they lack security, said Peterson.
“Those products are consumer grade cloud storage,” said Peterson. “What they are lacking is it’s not a business application. It doesn’t have security parameters and the compliance piece that people need. We have a lot of people that say they used to use Dropbox or Box but can’t use it because it doesn’t meet security needs.”
eFileCabinet also manages the lifecycle and workflow of documents. When you login you see documents that need your attention. If they need signatures or approval, you will be notified and can send them along to the right person. Everything is done electronically to ensure workflow is easy to manage.
For those that aren’t ready for an entirely cloud-based filing system, eFileCabinet also offers an on-premise solution.
The company focuses on companies with 1 to 200 user accounts.
“We see ourselves as enterprise within the SMB space,” Peterson said. “We feel like we can be really really good at what we do in this space.”