SpringCM, a Sales Software Startup Is Being Acquired by Docusign; A San Francisco Based Electronic Signature Company for Approximately $220 Million in Cash
DocuSign, the digital transaction, and e-signature firm announced that it plans to acquire SpringCM as a part of its vision to modernize the companies’ Systems of Agreement. SpringCM is a startup in Chicago, specializing in securing documents and it also enables convenient document collaboration across work organizations.
DocuSign has decided to acquire SpringCM for $220 Million as a definite part of the deal.
DocuSign has strongly created its SaaS business structure around building its niche e-signature capability. SpringCM’s capabilities apart from document generation include advanced document management, redlining, and a secure end-to-end workflow agreement. These added functions further strengthen DocuSign’s hold on the startup which can significantly contribute to the company’s solution which goes beyond e-signing, to other functions such as preparation of signing, acting-on tasks, and agreement handling.
Also Read: Leveraging the Power of Social Media to Garner More Customer Reviews
Dan Springer, CEO of DocuSign says, “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. 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.”
Dan Dal Degan, CEO of SpringCM says, “SpringCM shares DocuSign’s passion for transforming and automating the foundation of doing business—the agreement process. That’s what we have been focused on since inception, it’s why we power the contract lifestyle management process for more than 600 of the world’s leading companies—including ADP, Aetna, Facebook, Hilton, Lenovo, Spotify, and the US 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 the agreements have been DocuSigned.”
How Does This Acquisition Benefit DocuSign?
DocuSign previously had come into a partnership with SpringCM largely due to the reason of offering customer joint tools which would be ideal for an agreement lifecycle management. But now, DocuSign’s CEO is looking forward to moving these tools in-house along with broadening SpringCM’s core solutions and expanding the market which is addressed today.
With this acquisition, DocuSign also plans to be the provider of services which fall under the System of Agreement Processes that include managing documents, including e-signatures and acting on the same.
The acquisition post-announcement is expected to close by Q3 of DocuSign’s fiscal year. DocuSign has successfully made its first acquisition with SpringCM since April when it first went public.