DocuSign, an electronic signature technology company, has agreed to buy SpringCM in a $220m deal.
The deal is part of DocuSign’s vision to modernise companies’ Systems of Agreement (SofA). SpringCM, which is backed by the likes of backers Crestline Investors and Foundation Capital, is a cloud-based document generation and contract lifecycle management software company based in Chicago.
SpringCM will enable DocuSign’s to broaden its solution beyond e-signature to the rest of the agreement process—from preparing to signing, acting-on, and managing agreements according to the company.
“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.”
DocuSign provides its solutions to a range of industries including financial services, healthcare, technology, insurance, government, higher education, legal and life sciences, among others. It claims to help organisations become more ‘agree-able’ by connecting and automating how they prepare, sign, act-on, and manage agreements.
The RegTech enables people to electronically sign agreements from almost anywhere. It also enables digital workflows which it claims save money, increase efficiency, and move businesses forward. Its cloud-based electronic signature platform helps small- and medium-sized businesses, enterprises, and individuals collect information, automate data workflows, and sign on various devices.
Earlier this year, the San Francisco-based company raised $629m after pricing its IPO. The company priced its IPO at $29 per share, above the initially proposed price range of $24 to $26 per share. The set price gives the company a valuation of $4.4bn.
DocuSign partnered with Seal Software, a provider of content discovery and analytics solutions. Through the partnership, DocuSign now distributes Seal Software technologies through its platform extensions program. The integrated platform extensions from Seal include DocuSign Total Search, which will enable customers to centralise all of their digital agreements, organise them using metadata (structural data), and search inside them using natural language terms (unstructured data).
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