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DocuSign buys cloud contract management firm SpringCM for $220M
DocuSign Inc. today made its first acquisition after its initial public offering: Chicago-based cloud contract management firm SpringCM for $220 million.
Founded in 2005, SpringCM offers a document management and workflow platform that facilitates contract lifecycle management, which is the management of a contract from initiation through award, compliance and renewal.
SpringCM’s platform is said to reduce the time spent managing critical business documents through the use of automated workflows that enable document collaboration across an organization from any desktop or mobile device. Customers include ADP LLC, Aetna Inc., Facebook Inc., Hilton Hotels Corp., Lenovo Group Ltd., Spotify Technology S.A. and the U.S. Department of Agriculture.
For DocuSign, the SpringCM acquisition is the last step in a relationship between the two. DocuSign previously worked with SpringCM on services such as connecting and automating online agreements.
DocuSign said the addition of SpringCM will broaden its solution beyond e-signatures to the rest of the agreement process by being able to offer document generation, redlining, advanced document management and end-to-end agreement workflow.
“We’ve also started to offer solutions that connect and automate the entire agreement lifecycle,” Dan Springer, chief executive officer of DocuSign, said in a statement. “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.”
SpringCM had raised $127.6 million in venture capital funding from firms that included Silicon Valley Bank, Foundation Capital, North Bridge Venture Partners & Growth Equity, Square 1 Bank, Comerica Incorporated, Wellington Financial, Horizon Technology Finance, Panorama Point Partners, Bluestem Capital, Crestline, Goff Capital and Panorama Partners.
Subject to regulatory approval, the acquisition is expected to close in the third quarter.
Image: SpringCM
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