DocuSign, the e-signature company that helped usher in the era of digital real estate closings, debuted as an initial public offering on April 27 and is off to a strong start. Shares of DocuSign ended up 37 percent higher by the end of its first day of trading on the Nasdaq. DocuSign is NAR’s official and exclusive eSignature provider under the
REALTOR Benefits® Program and an NAR Strategic Investment Company.
DocuSign priced its IPO at $29 a share, which was higher than the company’s target range, MarketWatch reports. DocuSign raised $629 million overall.
“When we got on the road, people knew us from previous rounds as a growth company with heavy losses,” Chief Executive Dan Springer told MarketWatch. “Now we’re doing half a billion in revenue and still growing at high rates, and we’re cash-flow positive.”
CEO Mike Sheridan also vowed that there’s a lot of growth ahead for DocuSign. For example, the company hopes to enhance its management of corporate documents so it becomes a place where firms have access to all of their forms and contracts in one spot.
“If you have it all in one place, you can leverage artificial intelligence to see if you have risk exposure,” Singer says.
DocuSign follows on the heels of other recent cloud software debuts, like Dropbox Inc. and Zscaler Inc., that went public in March.
“The enterprise software industry is in a really good place right now because businesses need to digitalize and their employees expect the absolute latest tools and technology,” Pete Solvik, a lead independent director on DocuSign’s board, told MarketWatch.
DocuSign shares (Nasdaq symbol:
DOCU) were trading at $40.23 Wednesday afternoon.
Source: National Association of REALTORS®; “DocuSign Stock Soars After IPO as Cloud Fever Continues,” MarketWatch (April 27, 2018)
