DocuSign to acquire SpringCM for about $220 mln

DocuSign Inc has agreed to acquire Chicago-based SpringCM, a cloud-based document generation and contract lifecycle management software company. The price of the transaction is about $220 million. SpringCM’s backers include Crestline Investors Inc and Foundation Capital.

PRESS RELEASE

SAN FRANCISCO and CHICAGO, July 31, 2018 /PRNewswire/ — As part of its vision to modernize companies’ Systems of Agreement (SofA), DocuSign, Inc. (Nasdaq: DOCU) today announced that it has signed a definitive agreement to acquire SpringCM, a leading cloud-based document generation and contract lifecycle management software company based in Chicago.

With the addition of SpringCM’s capabilities in document generation, redlining, advanced document management, and end-to-end agreement workflow, the deal further accelerates DocuSign’s broadening of its solution beyond e-signature to the rest of the agreement process—from preparing to signing, acting-on, and managing agreements.

“DocuSign pioneered the e-signature category, and has built a strong SaaS business around that capability. We’ve also started to offer solutions that connect and automate the entire agreement lifecycle,” said Dan Springer, CEO of DocuSign. “We’ve done this with SpringCM as a partner across hundreds of joint commercial and enterprise customers. And we have many more DocuSign customers asking us to provide these capabilities natively as part of our platform. That’s why we believe today’s announcement makes such great business sense.”

“SpringCM shares DocuSign’s passion for transforming and automating the foundation of doing business—the agreement process,” said Dan Dal Degan, CEO of SpringCM. “That’s what we’ve been focused on since inception, and it’s why we power the contract lifecycle management processes for more than 600 of the world’s leading companies—including ADP, Aetna, Facebook, Hilton, Lenovo, Spotify, and the U.S. Department of Agriculture. By joining forces with the market leader, we can continue to simplify and accelerate the process of doing business, and drive innovation both before and after agreements have been DocuSigned.”

Under the terms of the agreement, DocuSign will acquire SpringCM for approximately $220 million in cash. Subject to customary closing conditions, including U.S. regulatory approval, the acquisition is expected to close in the third quarter of DocuSign’s fiscal year.

Management Conference Call
DocuSign will host a conference call on August 1, 2018 at 5:30 a.m. PT/8:30 a.m. ET to discuss this transaction. A live webcast of the event will be on the DocuSign Investor Relations website at docusign.com/investors. A live dial-in will be available domestically at 877-407-0784 and internationally at 201-689-8560. A replay will be available domestically at 844-512-2921 and internationally at 412-317-6671 until 8:59 p.m. PT/11:59 p.m. ET on August 15, 2018 using the passcode 13682155.

About DocuSign, Inc.
DocuSign (Nasdaq: DOCU) helps organizations become more agree-able by connecting and automating how they prepare, sign, act-on, and manage agreements. As part of our System of Agreement (SofA) Platform, we offer DocuSign eSignature—the world’s #1 way to sign electronically on practically any device, from anywhere, at any time. More than 400,000 customers and hundreds of millions of users worldwide already use DocuSign to accelerate the process of doing business and simplify people’s lives.