DOCU DocuSign Inc

By Austen Hufford 

Electronic-signature technology company DocuSign Inc. jumped 30% in the first minutes of its market debut Friday.

The company's stock was recently up 31% to $37.86, above its already raised $29 initial-public-offering price.

Founded in 2003, DocuSign was valued at $3 billion in April 2015.

DocuSign is the latest so-called unicorn, or private companies valued at $1 billion or more, to make its market debut this year, joining others such as Spotify Technology SA and Dropbox Inc.

Still, many highly-valued, venture-backed companies remain private and flush with cash. They may eventually choose to tap public markets to allow employees and investors to cash out.

San Francisco-based DocuSign is trading under the symbol DOCU on Nasdaq. The company sold 16.1 million shares for $29 while other shareholders sold 5.6 million.

DocuSign, which competes with the likes of Adobe Systems Inc. and has yet to turn profitable, offers cloud-based technology that makes signing contracts on a computer simpler and more user-friendly.

The company started as a provider of electronic signatures serving the U.S. real-estate industry and has expanded to track, authenticate and archive all types of digital documents for insurance, consumer goods, enterprise sales, financial, pharmaceuticals and other sectors. Customers include Salesforce.com Inc., T-Mobile US Inc. and Comcast Corp., according to the filing.

DocuSign reported $518.5 million in revenue in the year ended Jan. 31. The company, which generates the bulk of its revenue from subscriptions, said about 17% of its revenue came from customers outside the U.S.

The company also reported a net loss of $52.3 million, compared with a loss of $115.4 million the prior year.

DocuSign hired former Responsys Inc. chief executive Daniel Springer as CEO in January 2017, more than a year after Keith Krach said he would step down as CEO and remain chairman.

Write to Austen Hufford at austen.hufford@wsj.com

(END) Dow Jones Newswires

April 27, 2018 12:08 ET (16:08 GMT)

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