DocuSign, a US-based online signature technology provider backed by more than a dozen corporates, has confidentially filed for an initial public offering and plans to float within six months, TechCrunch reported today.
Founded in 2003, DocuSign has developed cloud-based technology enabling users to electronically and securely sign contracts and documents. The software can be integrated with other enterprise platforms to automate and streamline processes such as payment and provisioning requests.
DocuSign claims to have more than 300,000 paying clients and more than 200 million users. It primarily targets the real estate, healthcare, financial services and insurance industries, as well as legal, sales and human resources departments, but is also available for individual users.
The company has raised $525m in funding to date, most recently securing $300m at a $3bn valuation, in a 2015 series F round featuring telecommunications firm Deutsche Telekom, computer hardware producer Dell and Intel Capital, the investment arm of semiconductor technology producer Intel.
Brookside Capital, Bain Capital Ventures, Generation Investment Management and ClearBridge Investments also contributed to the series F round. A regulatory filing indicated DocuSign was targeting a $310m final close for the round, but it appears not to have reached that target.
Conglomerate Mitsui, human resources firm Recuit and subsidiaries of electronics maker Samsung, financial services firm BBVA and telecoms group NTT joined EDBI, Sapphire Ventures, Kleiner Perkins Caufield & Byers (KPCB), Accel, Scale Venture Partners and Ignition Partners for a $115m series E round in late 2014.
DocuSign had already received $85m in funding earlier in the year from investors including GV and Comcast Ventures, respective vehicles for internet and technology conglomerate Alphabet and mass media group Comcast, and enterprise software provider Salesforce.
Sapphire Ventures, National Association of Realtors, Sigma West, KPCB, Accel, Scale Venture Partners, Ignition Partners and Frazier Technology Ventures also backed the series D round, which was led by undisclosed investment funds.
Payment processing service Visa and Telstra Ventures, the corporate VC arm of telecoms firm Telstra, are also among the company’s past investors, as are Wasatch Advisors, Cross Creek Advisors, Sands Capital Ventures and Wellington Management.