“It was a terrific startup that had tons of potential, lots of customers wanting the service and all it needed was a focused approach to operationally scale and meet the need,” said Matt Peterson when he was appointed CEO of eFileCabinet back in 2008.
eFileCabinet—the all-encompassing electronic document management company based in Lehi, Utah—started with a frustration with file folders. Since being founded in 2001, the company employs a focused approach and has grown into a sophisticated solution that helps businesses with managing files and documents.
eFileCabinet has opened the eyes of companies to imagine a different world—a world without paper.
The Beginning: Frustration with File Folders (2001 – 2009)
As certified public accountant (CPA) James Blaylock watched his highest-paid employee go back and forth down the hallway every day carrying folders to and from the filing room, Blaylock knew he could make his company better, faster, and stronger.
eFileCabinet was created, and with some trade show marketing, customers loved the solution.
Under the leadership of Peterson as CEO, Signal Peak Ventures made a Series A investment in eFileCabinet in 2008, which was a catalyst for the progression of the product, brand, and the company’s sales to multiple industries.
eFileCabinet launched Desktop Version 4.0 later in 2008. The company’s progression continued in 2009 with the launch of SecureDrawer, an online portal that allows professionals to safely and securely send files and documents to clients.
The Progress and Growth: Going Online and Going Mobile (2010 – 2012)
The eFileCabinet Desktop Version 5.0 was released in 2010 with advanced security (like audit trail and permission-based management) and paperless compliance improved for industry-regulating organizations such as SEC and HIPAA. That was followed by the launch of the online (or Cloud) version of eFC the following year and the mobile app in 2012.
“There are different ways to get into the same product—mobile, online and desktop,” said CFO Jeff Coulter. “The advanced search capabilities and the integrations that we have with other software are really big. All of these are the features that set us apart.”
Advanced search; Workflow; integration with various programs such as SalesForce, QuickBooks, and Microsoft Office; Zonal OCR; and CloudView; are just some of the other special features that helped eFileCabinet progress and grow during this period.
eFileCabinet isn’t only about the products though—marketing has been integral to the electronic document management company’s progress and growth. In 2012, eFileCabinet made the transition from events-driven marketing at events like trade shows to strictly online marketing.
The Exciting Present and Very Bright Future (2013 – present)
With the products launched, the focus at the beginning of this period in eFileCabinet’s history was focused on sales, marketing, and the customers.
“Now that our leads were different, we needed a different cadence for our sales team,” added Coulter. “We took a total different way of measuring and looking using SalesForce, our metrics and our dashboards. It’s a continuous process.”
In 2013, the transition to online marketing accelerated the business. With inbound marketing, sales and marketing become more efficient.
Pricing was the huge change in 2014, with a transition to subscription-based pricing for all platforms and customers. Also in 2014, the inbound sales and marketing teams resulted in triple-digit revenue growth for the company—one of many highlights that eFileCabinet would have during this period.
“2015 is our first full year of being on subscription, and we’re really transforming our business around that,” stated Coulter. “We’re getting a new billing software, Zuora, we have a Customer Success team, we’ve been trying to get our existing customers to transition over to subscription, and we’re continuing to scale the team. Our sales model has become more sophisticated around the subscription model.”
2015 has been a banner year for eFileCabinet, and the highlight was the company receiving a Series B investment round led by original investors Signal Peak Ventures and Allegis Capital.
The Series B investment placed the spotlight on eFileCabinet, and the company was featured in Forbes, The Wall Street Journal, Fox Business, and Yahoo! Finance, along with other major business publications, websites, and local business publications in Utah.
The now of eFileCabinet is very exciting, and its future is very bright.
“More and more people expect to rent, not buy, their computer software,” stated Coulter. “We’re going to go more to the masses with the message of going paperless.”
Indeed, eFileCabinet has grown immensely since 2001, and it has effectively and successfully helped companies in various industries ditch their file cabinets, transition into a paperless world, and become more operationally efficient.
“We are now growing fast with a great team of leaders, talented professionals in areas of their specialty, and a very strong culture of open communication,” said Peterson. “We have come a long way, and out of necessity, we are structured to grow our business with quality products, processes, and people.”
The paperless world is closer than we think—and eFileCabinet is the vanguard of a new revolution in document management.
“Our customer base is increasing rapidly into manufacturing, non-profit organizations, transportation, education, and religious organizations, to name a few,” stated Peterson. “Organizations are wanting our high-value, easy-to-use document management solution at larger companies.”
Along with customers from various industries, eFileCabinet is also expanding its customer base, with the brand and product being publicized outside of the United States.
“We are also receiving more demand from international customers who are enquiring daily for our services overseas,” stated Peterson. “The business is going to explode, and we couldn’t be happier to provide our solution as we grow our brand nationally and internationally.”
eFileCabinet is a great document management solution with 12,000 customers and 155,000 users worldwide. And that’s a whole lot of file cabinets.
By Maureen “Mo” Elinzano