Digital signature technology provider DocuSign has agreed to buy US-based portfolio company Seal Software for $188m, marking the first deal by its new head of corporate development, Eric Darwin.
Founded in 2010, Seal has built a software platform that utilises machine learning and natural language technology to help users organise and manage contact data across their various networks, helping them to improve sales and customer service while reducing data-related risk.
Seal had raised at least $49m in funding, $15m of which was provided by DocuSign in April 2019. The companies had formed a distribution partnership in mid-2018 alongside a $30m investment by Toba Capital, identified at the time as Seal’s principal existing investor.
Toba Capital had previously led a $4m round for Seal in 2014 that also featured unnamed existing backers, and the company raised an undisclosed amount from financial services provider and existing backer The Street in February 2018.
The company’s investors also included Advent Venture Partners, Greylock and Kreos Capital. Darwin is overseeing the transaction after joining DocuSign last month, having held the head of corporate development network role at social media platform LinkedIn since 2014.
Darwin said, prior to the Seal deal being announced: “[It is a] similar role, although I expect to be a bit more explicit about our ventures effort [at] Docusign. Closer to the Salesforce model, versus the LinkedIn model where we invested opportunistically and under the radar. More to share on this in coming months.”
