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Document management company DocuSign raises $233M

The company will use the funding to continue expanding across Europe, Asia and Latin America

Financial trends and news by Steven Loeb
May 12, 2015
Short URL: http://vator.tv/n/3dc1

Document management company DocuSign has just raised a massive amount of funding, more than doubling its venture capital in one swoop.

The company revealed a new $233 million Series F round of funding on Monday, which was led by Brookside Capital and Bain Capital Ventures.

The company had raised over $110 million in 2014, including an $85 million round in March and a $30 million round in October, which brought its valuation to $1 billion. This latest round brings its total funding to $433 million, and reportedly brings its valuation to $3 billion.

Previous investors in the company include Google Ventures, SAP Ventures, VISA, Sands Capital Ventures, and Iconiq Capital, among many others.

Founded in 2004, DocuSign is a transaction management company. It allows its customers to close contracts in a secure environment, provides authentication on the front end, as well as intregrations, which enables customers to pull data from those sources, including SAP, Google and Salesforce.

The company also does templates, so that clients with several millions of customers can send updates and see who approved them. And it provides a legally binding audit trail, to see who signed what and where.

It is used by a number of different verticals, including  financial services, insurance, technology, healthcare, government, manufacturing, communications, real estate, retail, consumer goods, higher education and non-profits.

The company now has more than 100,000 companies as customers, more than 50 million of users in 188 countries, and more than 50,000 new unique users joining The DocuSign Global Trust Network each day. Customers include Morgan Stanley, HP, Microsoft, Salesforce, Walmart and Tesla. The company also counts 10 of the top 15 U.S. financial services companies as customers, 13 of the top 15 U.S. Insurance carriers, and 12 of the top 15 global pharmaceutical companies as customers.

The company will use this funding for three things, Gregor Perotto, Head of Corporate Marketing at DocuSign, told me, the first being a continuation of its global expansion, specifically in Europe, Asia and Latin America.

Over the last couple of years, the company expanded to offices in London, and Paris, and recently announced one in Dublin as well. It plans to continue expanding across Europe, like with its acquisition of ARX earlier this year.

There will also be growth in the Asia Pacific region. DocuSign has an office in Sydney and a presence in Melbourne, and is looking to expand to Singapoure. Japan is also on its horizon, as it recently look money from Japanese companies Recruit Holdings, NTT Finance, Mitsui and MKI.

Finally, it will also be expanding into Brazil, which it started with the acquisition of digital signature platform and digital certificate authority Comprova last year. 

Second, the company will continue to invest in its digital transaction management platform, having already invested roughly $500 million to deliver Bank Grade Security, Carrier Grade Availability and interoperability.

"We have always been focused on customer-focused innovation. That has included integrations with Salesforce, Microsoft, SAP, Google and othersand we will continue to develop partnerships and integrations so our DTM platform extends where customers need it," said Perotto.

 And, finally, it will use the money to verticalize its enterprise business, continuing to build out its services across key industries.

DocuSign currently employes 1,300 people, and will be hiring as it expands, but it does not have a set number of employees in mind for that growth.

While the company is often mentioned as a potential IPO candidate, Perotto would not comment on that at this time.

"The IPO stuff isn’t something we talk about. We think of it as a financial event," he said. " In terms of our valuation and IPO plans, that is not something we focus on. Across our business, we have a laser-like focus on customers and their success, rather than unicorns and rainbows."

(Image source: docusign.com)


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