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 Spring 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. read the rest here