DocuSign acquires SpringCM for $220m as part of bid to transform the contracts process
As part of its recently unveiled strategy to transform and streamline the contracts process, DocuSign, which floated on NASDAQ in April, is set to acquire cloud-based document generation and contract lifecycle management software company SpringCM for around $220m in cash.
DocuSign, which has a market cap of $8.4bn, has signed a definitive agreement to acquire SpringCM. The Chicago-headquartered company specialises in document generation, redlining, advanced document management, and end-to-end agreement workflow.
This is a step along DocuSign’s roadmap towards broadening 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 (pictured), 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 powers the contract lifecycle management processes for companies including ADP, Aetna, Facebook, Hilton, Lenovo, Spotify, and the U.S. Department of Agriculture.