From what I recall, President Clinton had just signed the e-signature bill in 2000 and all DocuSign seemed to be doing is combining a snapshot of a document along with someone's hand-typed name and generating an MD5 hash from it.
I proposed creating our own e-signature app that did that and we used it for the rest of the time I worked at the company (4 years). I think what others are saying - that you're buying the brand DocuSign - is true.