DocuSign Shows Strong Demand as Shares Jump 35% -- Update
27 Aprile 2018 - 7:02PM
Dow Jones News
By Austen Hufford
Electronic-signature technology company DocuSign Inc. jumped 30%
in the first minutes of its market debut Friday.
DocuSign's share price after early trading values it at about
$5.76 billion. The company, founded in 2003, was valued at $3
billion in April 2015.
The company's stock was recently up 35% to $39.08, 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.
Another technology company, Smartsheet Inc., also had its market
start on Friday. Its shares were up 23% to $18.50 in recent
trading.
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.
--Maureen Farrell contributed to this article
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
April 27, 2018 12:47 ET (16:47 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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