DocuSign said it has agreed to acquire SpringCM, a Chicago-based cloud document generation and contract management company, for $220 million in cash.
DocuSign says the acquisition will help its growth beyond its bread and butter work in electronic signatures to modernizing what it calls the System of Agreement. That includes everything from preparing, signing, executing, 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,” DocuSign CEO Dan Springer said in a statement. “We’ve done this with Spring CM 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.”
The acquisition is DocuSign’s first since becoming a public company back in April. DocuSign stock is up slightly in after-hours trading and has risen 38 percent since its debut on the public markets.
SpringCM is a frequent DocuSign partner and brings more than 600 commercial and enterprise customers to the table. The company automates, manages, and stores documents and contracts to make it easier for its clients to collaborate internally and externally.
At the end of the last quarter, DocuSign employed 2,376 people across 13 offices. DocuSign originally started in Seattle and later relocated its headquarters to the San Francisco Bay Area. However, its Seattle office at the 999 Third Avenue tower remains its largest, with approximately 850 people.