DocuSign, the US-based online signature technology provider backed by a host of corporate investors, filed to go public yesterday, setting an initial target of $100m for its initial public offering.
Founded in 2003, DocuSign has created a cloud-based digital document signing platform with “hundreds of millions” of users, including some 350,000 corporate clients. It made a $115m net loss in 2017 but increased revenue 52% to $381m.
The company last raised funding in a $300m series F round in 2015 featuring telecommunications company Deutsche Telekom, computing equipment maker Dell and chipmaker Intel’s corporate venturing unit, Intel Capital, that valued it at $3bn.
Brookside Capital, Bain Capital Ventures, Generation Investment Management and ClearBridge Investments also took part in the series F, which followed a $115m series E round in 2014.
Samsung Ventures and BBVA Ventures, subsidiaries of electronics maker Samsung and financial services firm BBVA, joined human resources provider Recruit, telecoms firm NTT, diversified conglomerate Mitsui, Kleiner Perkins Caufield & Byers (KPCB), EDBI, Scale Venture Partners, Ignition Partners and Accel in the series E round.
Enterprise software producer Salesforce and GV and Comcast Ventures, respective vehicles for internet technology group Alphabet and mass media company Comcast, backed an $85m round featuring Sapphire Ventures, Sigma West, KPCB, Accel, Scale, Ignition, Frazier Technology Ventures and Sands Capital Ventures earlier the same year.
GV invested $8.2m in DocuSign as part of a $55.7m round also featuring Comcast Ventures, Sapphire, KPCB and Accel Partners in 2012, two years after the company received $27m from Salesforce, Scale Venture Partners, Frazier, Ignition Partners and Sigma Partners.
Telecoms firm Telstra’s Telstra Ventures unit, payment services firm Visa, WestRiver Capital, Wasatch Advisors, Cross Creek Advisors, Wellington Management and Second Century Ventures, the VC fund backed by the National Association of Realtors, are also investors.
None of DocuSign’s corporate investors own stakes of 5% or more. Its largest shareholders are Sigma Partners (12.9%), Ignition Partners (11.7%) and Frazier Technology Ventures (7.2%).
Morgan Stanley and JP Morgan are lead book-running managers for the offering, which will take place on the Nasdaq Global Select Market.
Citigroup, BofA Merrill Lynch and Deutsche Bank Securities are also book running managers while JMP Securities, Piper Jaffray and William Blair are co-managers.