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Docusign

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DocuSign, Inc.
Company typePublic
Industrybusiness software industry Edit this on Wikidata
Founded2003
Headquarters
San Francisco, California, U.S.
Number of locations
16[1] (2019)
Key people
Daniel Springer (CEO)[2]
Tom Gonser (Co-founder)[3]
Court Lorenzini (Co-founder)
Maggie Wilderotter (Chairman)
ProductsElectronic signature and digital transaction management software and services
RevenueIncrease US$974 million (2020)[4]
Number of employees
3,909 (2020)[5]
Websitedocusign.com

DocuSign, Inc. is an American company headquartered in San Francisco, California that allows organizations to manage electronic agreements. As part of the DocuSign Agreement Cloud, DocuSign offers eSignature, a way to sign electronically on different devices. DocuSign claims it has over 475,000 customers and hundreds of millions of users in more than 180 countries.[6] Signatures processed by DocuSign are compliant with the US ESIGN Act[7] and the European Union's eIDAS regulation, including EU Advanced and EU Qualified Signatures.[8]

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, or current CEO Daniel Springer, are major shareholders.[9][3] 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. Tom Gonser came up with the idea when he was at NetUpdate, a company he founded in 1998 and where he served as CEO. 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.[11][12] 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. Mock trials featuring licensed attorneys and real 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.[13]

In January 2007, Court Lorenzini stepped down as CEO and Chairman of the Board and took on the role of Executive Vice President of Business Development. He was replaced as CEO by Matthew Schiltz,[14] who served in that role until January 2010.[15] Steven King replaced Schultz as CEO[15] 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.[16]

In June 2010, DocuSign added support for iPhone, iPad and phone-based user authentication.[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 with DocuSign Payment.[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 2016, DocuSign was ranked #3 on the Forbes Cloud 100 list.[29]

In January 2017, veteran software executive Daniel Springer was named as the new CEO.[30][31] Also in 2017, DocuSign was ranked #4 on the Forbes Cloud 100 list.[29]

In July 2018, DocuSign acquired SpringCM for $220 million.[32]

In March 2019, DocuSign announced the DocuSign Agreement Cloud, a suite of products and integrations for automating and connecting the entire agreement process digitally.[33] This marked the company's transition from their former position as a leader in digital transaction management.

In February 2020, DocuSign acquired Seal Software for $188 million.[34]

Funding

In 2004, DocuSign raised $4.6 million in a Series A financing from Ignition Partners and Frazier Technology Ventures.[35] In 2006, Sigma Partners led Series A1 and Series B financings, becoming the largest shareholder, a position it held at the time of the IPO, with returns over $700 million.[36] Between 2006 and 2009 DocuSign raised $30 million that allowed the firm to add corporate clients and process 48 million signatures.[37]

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.[38][39] In March 2014, the company announced it had raised $85 million in a new funding round.[40] Though unconfirmed, The Wall Street Journal reported the round was based on a company valuation of $1.6 billion.[41]

In May 2015, the company announced it had raised $233 million in a new funding round, with some estimating a $3 billion company valuation.[42][43]

In 2018, the company announced plans for an initial public offering on the NASDAQ,[44] with the goal of raising up to $543 million when the company goes public. Neither the original founders nor current CEO Daniel Springer are major shareholders at this time.[45] 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.[3]

Products and structure

DocuSign services are offered either by subscription or free of charge as a mobile device app. Signatures and documents are uploaded, then encrypted and a unique hash created. If a signed document is later checked, the hash will not match the information stored by DocuSign if a document has been tampered with or compromised.[46] More than 20 billion pieces of paper and 608,000 barrels of oil have been saved by the company through avoidance of wasted printouts for signatures.[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]

DocuSign released its mobile app DocuSign Ink in November 2011.[49] It is available free of charge, and runs on Apple iOS, Google Android and Windows Phone operating systems. DocuSign Ink allows users to sign and annotate documents by attaching a stored signature, which may be created in graphic design software, captured from an image of a paper document or selected from a variety of prefabricated signatures based on the user's legal name.[50] The saved signature can be applied to PDFs, word processing documents and images. To complete a document, participants apply their signatures and send completed documents to cloud storage for review.[51]

See also

References

  1. ^ "Contact Us". DocuSign. 2015-06-16. Retrieved 2017-09-15.
  2. ^ "Leadership". DocuSign. 2015-09-29. Retrieved 2017-09-15.
  3. ^ a b c "DocuSign unveils IPO filing". TechCrunch. March 28, 2018. Retrieved 21 April 2018.
  4. ^ "DocuSign Announces Fourth Quarter and Fiscal Year 2020 Financial Results". DocuSign. Retrieved 13 March 2020.
  5. ^ "DocuSign Announces Fourth Quarter and Fiscal Year 2020 Financial Results" (PDF). DocuSign. Retrieved 13 March 2020.
  6. ^ "DocuSign announces the DocuSign Agreement Cloud". DocuSign. Retrieved 27 March 2019.
  7. ^ ELECTRONIC SIGNATURES IN GLOBAL AND NATIONAL COMMERCE ACT Federal Trade Commission June 2001
  8. ^ "DocuSign makes digital signatures easy". DocuSign. Retrieved 2 March 2020.
  9. ^ "When DocuSign goes public, it could be worth over $3.8 billion — here are the biggest winners". April 17, 2018. Retrieved 21 April 2018.
  10. ^ "DocuSign, Inc. Common Stock (DOCU) Quote & Summary Data". NASDAQ. Retrieved 27 March 2019.
  11. ^ Online Signatures: DocuTouch Introduces DocuSign Internet News July 11, 2000
  12. ^ NetUpdate Buys DocuTouch Archived 2014-01-08 at the Wayback Machine National Mortgage News August 22, 2001
  13. ^ Work Smarter with a Tool Your Mom Can Use Archived July 7, 2012, at the Wayback Machine Bui, An DocuSign July 10, 2009
  14. ^ "DocuSign Names Matthew J. Schiltz as CEO and President". www.businesswire.com. 2007-01-25.{{cite web}}: CS1 maint: url-status (link)
  15. ^ a b Cook, John (27 January 2010). "DocuSign taps new CEO". Portland Business Journals. Retrieved 2020-03-27.{{cite web}}: CS1 maint: url-status (link)
  16. ^ "Keith Krach: A dot-com CEO returns". Fortune. Archived from the original on 6 January 2017. Retrieved 20 August 2015.
  17. ^ Docusign launches new tools to entice greater e-signature adoption Diaz, Sam ZDNetJune 30, 2010
  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. "DocuSign CEO to Step Down After New CEO Search Is Complete". www.recode.net. Retrieved 14 October 2015.
  29. ^ a b "Forbes Cloud 100". Forbes. Retrieved 28 October 2016.
  30. ^ Roof, Katie. "A new CEO for DocuSign". TechCrunch. Retrieved 2017-01-19.
  31. ^ Konrad, Alex. "DocuSign Names Former Responsys Chief As New CEO, Ending A Lengthy Search". Forbes. Retrieved 2017-01-19.
  32. ^ Gagliordi, Natalie. "DocuSign buys SpringCM for $220 million | ZDNet". ZDNet. Retrieved 2018-08-01.
  33. ^ "DocuSign Agreement Cloud digitizes contract management". SearchContentManagement. Retrieved 2020-01-06.
  34. ^ "DocuSign acquires Seal Software for $188M to enhance its AI chops". TechCrunch. Retrieved 2020-02-28.
  35. ^ Digital signature firm raises $4.6 million Cook, John Seattle Post-Intelligencer June 14, 2004
  36. ^ "Twelve Years Later, DocuSign’s Big Believer Gets His Glory" Chapman, Lizette 'Bloomberg'
  37. ^ DocuSign Scores $5M More Huang, Gregory Seattle Post-Intelligencer May 7, 2009
  38. ^ Marino, Jonathan. "DocuSign Beefs up its Series D & Adds Google Ventures," PE Hub. Retrieved 24 March 2014.
  39. ^ E-Signature Company DocuSign Raises $47.5M Led by Kleiner Perkins Ha, Anthony TechCrunch July 12, 2012
  40. ^ Hoge, Patrick. "DocuSign raises $85 million for electronic signatures and more," San Francisco Business Times. Retrieved 24 March 2014.
  41. ^ Rusli, Evelyn M. and Douglas MacMillan. "DocuSign Raises $85 Million at $1.6 Billion Valuation," The Wall Street Journal. Retrieved 24 March.
  42. ^ Lizette Chapman. "DocuSign Hits $3 Billion Valuation in Latest Funding Round". WSJ. Retrieved 20 August 2015.
  43. ^ Alex Konrad. "DocuSign Doubles Valuation To $3 Billion With $233 Million Raise". Forbes. Retrieved 20 August 2015.
  44. ^ 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.
  45. ^ "DocuSign Readies Plans For $543 Million IPO". Seeking Alpha. April 18, 2018.
  46. ^ Matt Liebowitz (29 January 2011). "E-signatures safer than the real thing, experts say - Technology & science - Security". NBC News. Retrieved 16 January 2019.
  47. ^ "2018 Transformational Leader of the Year, Keith Krach, Receives Unanimous Endorsement of the Senate Foreign Relations Committee". Life & News. 7 May 2019. Retrieved 2019-12-19.{{cite web}}: CS1 maint: url-status (link)
  48. ^ DocuSign Pro PC Magazine September 28, 2011
  49. ^ Digital Signatures Let You Ditch That Old Fax Machine West, Angela PC Magazine January 23, 2012
  50. ^ DocuSign Ink App Enables Electronic Signatures on Android Devices Android Mag January 26, 2012
  51. ^ CES: Another Death Knell for the Fax Machine Grant, Kelli SmartMoney January 12, 2012
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