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DocuSign formally files for highly anticipated IPO

Summary

Will trade on Nasdaq’s Global Select Market as DOCU.

Newswire: March 29, 2018.

Dateline: San Francisco.

DocuSign’s long-anticipated initial public offering is now a reality. The firm, a founding member of the Electronic Signature & Records Association, filed public documents with the U.S. Securities and Exchange Commission to begin raising capital from investors.

DocuSign will trade on the Nasdaq Global Select Market under the ticker symbol DOCU. Analysts have valued DocuSign at more than $3 billion based on a round of venture capital it received in the fall of 2015.

The filing culminates a process many investors and analysts had been anticipating for more than a year. Daniel Springer, DocuSign’s chief executive, came aboard in January 2017, a choice largely seen as a company getting ready to go public. Springer had been the chief executive of Responsys, leading that through an IPO and ultimately its acquisition by Oracle in 2014. In July 2017, Springer indicated to Marketwatch that the company would be taken public sometime in early 2018.

DocuSign’s IPO is widely viewed as desirable by investors, based largely on a client base of more than 350,000 companies and revenue growth that, in its most recently completed fiscal year, was 52 percent above the previous one. DocuSign also serves an addressable market valued at $25 billion.

Founded in 2003, DocuSign is a leading provider of electronic signature and digital transaction technology. Springer has said he wants to grow the company into areas such as digitizing internal documents, particularly in the financial sector. DocuSign’s commercial counsel, Danny Zollman, is a member of ESRA’s board of directors.

Read the full story here.

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