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.
Media Relations:
Adrian
Wainwright
Head of Communications
media@docusign.com
Investor Relations:
Annie
Leschin
VP Investor Relations
investors@docusign.com
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.
For more information, visit www.docusign.com, call
+1-877-720-2040, or follow @DocuSign on Twitter, LinkedIn,
Facebook, Instagram and Snapchat.
Copyright 2003-2018. DocuSign, Inc. is the owner of DOCUSIGN®
and all of its other marks (www.docusign.com/IP). All other marks
appearing herein are the property of their respective owners.
About SpringCM
SpringCM helps work flow by
delivering an innovative document management and workflow platform,
that powers the leading contract lifecycle management (CLM)
application. SpringCM empowers companies to become more productive
by reducing the time spent managing critical business documents.
Intelligent, automated workflows enable document collaboration
across an organization from any desktop or mobile device. Delivered
through a secure, scalable cloud platform, SpringCM document and
contract management solutions seamlessly integrate with Salesforce,
or work as a standalone solution.
Every day, more than 600 companies use SpringCM to improve
customer experience and get more done, faster. For more information
about SpringCM, visit http://www.springcm.com.
Forward-Looking Statements
This press release includes
forward-looking information related to the Company, SpringCM and
our acquisition of SpringCM that involves substantial risks,
uncertainties and assumptions that could cause actual results to
differ materially from those expressed or implied by such
statements. Forward-looking statements in this communication
include, among other things, statements about the potential
benefits of the proposed transaction, the anticipated timing of
closing of the proposed transaction, our ability to develop our
System of Agreement platform and deliver product innovation, our
possible or assumed business strategies, potential growth
opportunities, new products and potential market opportunities.
Risks and uncertainties include, among other things, risks
related to our ability to consummate the proposed transaction on a
timely basis or at all, including due to complexities resulting
from the adoption of new accounting pronouncements; the
satisfaction of the conditions precedent to consummation of the
proposed transaction; our ability to secure regulatory approvals on
the terms expected, in a timely manner or at all; our ability to
successfully integrate SpringCM's operations; our ability to
implement our plans, forecasts and other expectations with respect
to SpringCM's business after the completion of the transaction; our
ability to realize the anticipated benefits of the proposed
transaction, including the possibility that the expected benefits
from the proposed transaction will not be realized or will not be
realized within the expected time period; disruption from the
transaction making it more difficult to maintain business and
operational relationships; the outcome of any legal proceedings
related to the transaction or otherwise; the negative effects of
the announcement or the consummation of the proposed transaction on
the market price of our common stock or on our operating results;
significant transaction costs; unknown liabilities; attracting new
customers and maintaining and expanding our existing customer base;
our ability to scale and update our platform to respond to
customers' needs and rapid technological change; increased
competition on our market and our ability to compete effectively;
and expansion of our operations and increased adoption of our
platform internationally.
Additional risks and uncertainties that could affect our
financial results are included in the section titled "Risk Factors"
and "Management's Discussion and Analysis of Financial Condition
and Results of Operations" in our prospectus dated April 26, 2018, our quarterly report on Form 10-Q
for the quarter ended April 30, 2018
and other filings that we make from time to time with the
Securities and Exchange Commission which are available on the SEC's
website at www.sec.gov. In addition, any forward-looking statements
contained in this communication are based on assumptions that we
believe to be reasonable as of this date. Except as required by
law, we assume no obligation to update these forward-looking
statements, or to update the reasons if actual results differ
materially from those anticipated in the forward-looking
statements.
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SOURCE DocuSign, Inc.