DocuSign, Inc.
TypePublic
IndustrySoftware
Founded2003 (2003)
Founders
  • Tom Gonser
  • Court Lorenzini
  • Eric Ranft
Headquarters
San Francisco, California, U.S.
Number of locations
21[1] (2020)
Key people
ProductsElectronic signature and digital transaction management software and services
RevenueIncrease US$2.52 billion (2023)
Decrease US$−88 million (2023)
Decrease US$−97 million (2023)
Total assetsIncrease US$3.01 billion (2023)
Total equityIncrease US$617 million (2023)
Number of employees
7,336 (2023)
ASN
  • 62856
Websitedocusign.com
Footnotes / references
Financials as of January 31, 2023[4]

DocuSign, Inc. is an American company headquartered in San Francisco, California, that allows organizations to manage electronic agreements with electronic signatures on different devices. As of 2019, DocuSign has about 475,000 clients in 180 countries.[5] Signatures processed by DocuSign are compliant with the US ESIGN Act[6] and the European Union's eIDAS regulation, including EU Advanced and EU, Qualified Signatures.[7]

In April 2018, DocuSign filed for an initial public offering. At the time of the IPO, the largest shareholders were venture investment firms Sigma Partners, Ignition Partners, Frazier Technology Ventures, and former CEO Keith Krach was the largest individual shareholder. None of the original founders are major shareholders.[8][9] The company went public on the NASDAQ on April 27, 2018.[10]

History

DocuSign was founded in 2003 by Court Lorenzini, Tom Gonser, and Eric Ranft.[11] Tom Gonser came up with the idea when he was a CEO at NetUpdate, a company he founded in 199. Through its history, NetUpdate had acquired several companies, including an e-signature start-up in Seattle called DocuTouch that had been funded by Timberline Venture Partners, Bill Kallman and Jeff Tung with $4M. Timberline invested another $1 M in the merger into Netupdate.[12][13] DocuTouch held patents on Web-based digital signatures and collaboration. With internal support from Gonser, Lorenzini negotiated the purchase of certain DocuTouch assets from NetUpdate and started DocuSign. Gonser then left the NetUpdate Board to focus on DocuSign full-time.

The firm began sales in 2005 when zipForm, now zipLogix, integrated DocuSign into its virtual real estate forms. According to DocuSign, mock trials featuring licensed attorneys and judges highlighted the admissibility of DocuSign contracts in court based on encrypted audit logs of signature events, as well as the impossibility of changing contracts.[14]

In January 2007, Court Lorenzini stepped down as CEO and board chairman replaced as CEO by Matthew Schiltz,[15] who served in that role until January 2010.[16] Steven King replaced Schultz as CEO[16] and moved the corporate headquarters from Seattle to San Francisco. Keith Krach became DocuSign's chairman of the board in January 2010 and its CEO in August 2011.[17]

DocuSign also began referring to its service as “eSignature Transaction Management”. By the end of 2010, the company handled 73 percent of the Saas-based electronic signature market with 80 million signatures processed.[18] Scale Venture Partners led an investment round of $27 million in December 2010.[19]

DocuSign opened an office in London, England, in September 2011.[20] In the same year, DocuSign opened an office in San Francisco that now functions as its global headquarters.[21]

DocuSign signed an agreement with PayPal in April 2012 that allowed users to capture signatures and payments in a single transaction.[22] Similar partnerships with Salesforce.com[23] and Google Drive[24] preceded the PayPal agreement.

In July 2012, Business Insider reported that about 90% of Fortune 500 companies had signed up to use DocuSign.[25]

On January 10, 2013, DocuSign and Equifax announced a partnership to simplify electronic delivery of the Requests for Transcript of Tax Return Form 4506-T to the United States Internal Revenue Service. Under the partnership, Equifax allows lenders to use DocuSign to securely send requests to loan applicants. DocuSign and[26] Equifax were among 14 firms that participated in a nine-month feasibility study of electronic signatures for 4506-T forms in 2011.[27]

In October 2015, Keith Krach announced he would step down as CEO once a search for a new CEO was completed.[28]

In January 2017, veteran software executive Daniel Springer was named as the new CEO.[29][30]

In July 2018, DocuSign acquired SpringCM for $220 million.[31]

In February 2020, DocuSign acquired Seal Software for $188 million.[32]

DocuSign ranked number 6 on Fast Company's Most Innovative Enterprise Tech Companies of 2022, with an overall market share of 61%.[33]

On June 21, 2022, Daniel Springer was replaced as CEO by Mary Agnes "Maggie" Wilderotter,[34] and later Allan Thygesen as CEO on September 22, 2022. Thygesen assumed office on October 10.[35]

Funding

In 2004, DocuSign raised $4.6 million from Ignition Partners and Frazier Technology Ventures.[36] In 2006, Sigma Partners became the largest shareholder, a position it held at the time of the IPO, with returns over $700 million.[37] Between 2006 and 2009 DocuSign raised $30 million that allowed the firm to add corporate clients and process 48 million signatures.[38]

In July 2012, DocuSign raised $47.5 million in venture funding from investors including Kleiner Perkins Caufield & Byers; the round later grew closer to $56 million.[39][40] In March 2014, the company announced it had raised $85 million in a new funding round.[41] Though unconfirmed, The Wall Street Journal reported the round was based on a company valuation of $1.6 billion.[42]

In May 2015, the company announced it had raised $233 million in a new funding round, with some estimating a $3 billion company valuation.[43][44]

In 2018, the company announced plans for an initial public offering on the NASDAQ,[45] with the goal of raising up to $543 million when the company goes public. Neither the original founders nor current CEO Daniel Springer were major shareholders at that time.[46] Former CEO Keith Krach was the largest individual shareholder at 5.5%, about 8.5 million shares at the time of the IPO. Venture capital firms Sigma Partners, Ignition Partners, and now-defunct company Frazier Technology Ventures were the largest shareholders.[9]

Products

DocuSign's services are offered either by subscription or through a mobile app. DocuSign released the mobile app in November 2011.[47]

DocuSign Professional emails recipients an electronically signed document requesting review of a document after it is uploaded. Each party must agree to complete business electronically, review the document, and apply a signature. Signatures may be added from a stored copy of a signature or generated automatically by the software. Phone confirmation and background checks are offered as premium services.[48]

Litigation

Daniel Springer filed a lawsuit against DocuSign as the company claimed that he resigned, when he argued the resignation was fabricated.[49] In a 2016 case, it was found that a lawyer in Sacramento using exclusively DocuSign signatures had the signatures rendered invalid due to the legal requirements of a physical signature known as a wet signature (see signature#Wet signatures).[50] There was also a class action lawsuit against DocuSign in 2022 over conduct by DocuSign from 2020-2021 that alleged the company misled investors and shareholders with false reporting. According to the initial complaint, DocuSign "failed to disclose the role the COVID-19 pandemic had on its growth, including the positive impact on DocuSign's business. [DocuSign] also downplayed the impact that a 'return to normal' would have on the Company's growth and business."[51][52]

DocuSign IMPACT Foundation

Krach announces the formation of the IMPACT Foundation at the Momentum user conference, 15 March 2015.

On 15 March 2015, CEO Keith Krach announced the formation of the $30 million DocuSign IMPACT Foundation, a philanthropy department of the company to donate to charities.[53]

See also

References

  1. ↑ "Contact Us". DocuSign. 2015-06-16. Retrieved 2020-09-03.
  2. ↑ Bursztynsky, Jessica (21 June 2022). "DocuSign CEO Dan Springer steps down". CNBC.
  3. ↑ Novet, Jordan (2022-09-22). "DocuSign names former Google executive Allan Thygesen as new CEO". CNBC.
  4. ↑ "US SEC: Form 10-K Docusign, Inc". U.S. Securities and Exchange Commission. 27 March 2023.
  5. ↑ "DocuSign announces the DocuSign Agreement Cloud" (Press release). DocuSign. 21 March 2019.
  6. ↑ ELECTRONIC SIGNATURES IN GLOBAL AND NATIONAL COMMERCE ACT Federal Trade Commission June 2001
  7. ↑ "DocuSign makes digital signatures easy". DocuSign. 22 July 2016. Retrieved 2 March 2020.
  8. ↑ "When DocuSign goes public, it could be worth over $3.8 billion — here are the biggest winners". April 17, 2018. Retrieved 21 April 2018.
  9. 1 2 "DocuSign unveils IPO filing". TechCrunch. March 28, 2018. Retrieved 21 April 2018.
  10. ↑ "DocuSign, Inc. Common Stock (DOCU) Quote & Summary Data". NASDAQ. Retrieved 27 March 2019.
  11. ↑ Konrad, Alex (April 27, 2018). "E-Signature Leader DocuSign Couldn't Find A Boss Two Years Ago. Now It's Worth $6 Billion After IPO". Forbes.
  12. ↑ Online Signatures: DocuTouch Introduces DocuSign Internet News July 11, 2000
  13. ↑ NetUpdate Buys DocuTouch Archived 2014-01-08 at the Wayback Machine National Mortgage News August 22, 2001
  14. ↑ Work Smarter with a Tool Your Mom Can Use Archived July 7, 2012, at the Wayback Machine Bui, An DocuSign July 10, 2009
  15. ↑ "DocuSign Names Matthew J. Schiltz as CEO and President". www.businesswire.com. 2007-01-25.
  16. 1 2 Cook, John (27 January 2010). "DocuSign taps new CEO". Portland Business Journals. Retrieved 2020-03-27.
  17. ↑ "Keith Krach: A dot-com CEO returns". Fortune. Archived from the original on 6 January 2017. Retrieved 20 August 2015.
  18. ↑ DocuSign Releases Updated Version of E-Signature Software Hachman, Mark PC Magazine June 30, 2010
  19. ↑ Washington Startups See Spike in Investing Dollars in December Kutz, Erin Xconomy January 28, 2011
  20. ↑ Gage, Deborah (September 2, 2011). "DocuSign Opens First International Office, In London". Dow Jones Private Equity & Venture Capital. Archived from the original on January 8, 2014. Retrieved February 8, 2013.
  21. ↑ Berman, Nat (2016-10-28). "The Impressive Rise of DocuSign". Money Inc. Retrieved 2020-03-27.
  22. ↑ PayPal partners with DocuSign to help businesses collect signatures for online payments Brian, Matt The Next Web April 11, 2012
  23. ↑ DocuSigns Delivers Close it in the Cloud! Integrated ESIGN Solutions to Salesforce Reuters November 5, 2009
  24. ↑ Google Drive Kicks Off with DocuSign Integration King, Rachel ZDNet April 24, 2012
  25. ↑ At DocuSign, Keith Krach Continues His Epic 16-Year Quest To Reinvent The Business World Huspeni, Andrea Business Insider July 13, 2012
  26. ↑ Helft, Miguel . "DocuSign raises $47.5 million, adds Mary Meeker to board," Fortune. Retrieved 24 March 2014.
  27. ↑ Equifax and Docusign Help the IRS Accelerate Forms Processing With eSignature PR Newswire Daily Markets January 10, 2013 Archived January 8, 2014, at the Wayback Machine
  28. ↑ Swisher, Kara (9 October 2015). "DocuSign CEO to Step Down After New CEO Search Is Complete". www.recode.net. Retrieved 14 October 2015.
  29. ↑ Roof, Katie (18 January 2017). "A new CEO for DocuSign". TechCrunch. Retrieved 2017-01-19.
  30. ↑ Konrad, Alex. "DocuSign Names Former Responsys Chief As New CEO, Ending A Lengthy Search". Forbes. Retrieved 2017-01-19.
  31. ↑ Gagliordi, Natalie. "DocuSign buys SpringCM for $220 million | ZDNet". ZDNet. Retrieved 2018-08-01.
  32. ↑ "DocuSign acquires Seal Software for $188M to enhance its AI chops". TechCrunch. Retrieved 2020-02-28.
  33. ↑ Woodruff, Jay (2022-03-08). "The 10 most innovative enterprise companies in 2022". Fast Company. Retrieved 2022-03-09.
  34. ↑ "DocuSign Board of Directors Announces Leadership Changes for Next Phase of Growth". DocuSign. 2022-06-21. Retrieved 2022-07-18.
  35. ↑ Novet, Jordan (22 September 2022). "DocuSign names former Google executive Allan Thygesen as new CEO". CNBC. Retrieved 2022-09-22.
  36. ↑ Digital signature firm raises $4.6 million Cook, John Seattle Post-Intelligencer June 14, 2004
  37. ↑ Chapman, Lizette (27 April 2018). ""Twelve Years Later, DocuSign's Big Believer Gets His Glory". Bloomberg. Retrieved July 7, 2023.
  38. ↑ DocuSign Scores $5M More Huang, Gregory Seattle Post-Intelligencer May 7, 2009
  39. ↑ Marino, Jonathan. "DocuSign Beefs up its Series D & Adds Google Ventures," PE Hub. Retrieved 24 March 2014.
  40. ↑ E-Signature Company DocuSign Raises $47.5M Led by Kleiner Perkins Ha, Anthony TechCrunch July 12, 2012
  41. ↑ Hoge, Patrick. "DocuSign raises $85 million for electronic signatures and more," San Francisco Business Times. Retrieved 24 March 2014.
  42. ↑ Rusli, Evelyn M. and Douglas MacMillan. "DocuSign Raises $85 Million at $1.6 Billion Valuation," The Wall Street Journal. Retrieved 24 March.
  43. ↑ Lizette Chapman (12 May 2015). "DocuSign Hits $3 Billion Valuation in Latest Funding Round". WSJ. Retrieved 20 August 2015.
  44. ↑ Alex Konrad. "DocuSign Doubles Valuation To $3 Billion With $233 Million Raise". Forbes. Retrieved 20 August 2015.
  45. ↑ Levy, Nat (17 April 2018). "DocuSign ups IPO target to $417M on stock price of $24 to $26, new filing reveals". GeekWire. Retrieved 20 April 2018.
  46. ↑ "DocuSign Readies Plans For $543 Million IPO". Seeking Alpha. April 18, 2018.
  47. ↑ Digital Signatures Let You Ditch That Old Fax Machine West, Angela PC Magazine January 23, 2012
  48. ↑ DocuSign Pro Archived 2017-02-27 at the Wayback Machine PC Magazine September 28, 2011
  49. ↑ Research, Ironside (2023-05-02). "DocuSign: Boardroom Drama And Bloated Cost Keep Us Far, Far Away (NASDAQ:DOCU) | Seeking Alpha". seekingalpha.com. Retrieved 2024-01-14.
  50. ↑ "US Court Rejects DocuSign E-Signatures for Digital Authorization". www.cryptomathic.com. Retrieved 2024-01-14.
  51. ↑ "SHAREHOLDER ALERT: Robbins LLP Informs Investors of Class Action Against DocuSign, Inc. (DOCU)". www.businesswire.com. 2022-01-03. Retrieved 2024-01-14.
  52. ↑ "DocuSign Hit With Derivative Suit Over Pandemic Demand Changes". news.bloomberglaw.com. Retrieved 2024-01-14.
  53. ↑ "Life & News Names Keith Krach '2018 Transformational Leader of the Year'". Life and News. 12 December 2018.

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