DocuSign Agrees to Acquire Chicago Software Maker SpringCM
DocuSign plans to acquire Chicago-based contract software maker SpringCM for $220 million, the companies announced today, about three months after the San Francisco-based online document signature business raised $629 million in an initial public offering.
With SpringCM, DocuSign says it is adding new features to its current capabilities, such as preparing and generating documents, redlining, and other end-to-end and advanced features. DocuSign has previously partnered with SpringCM on work, such as connecting and automating online agreements, CEO Dan Springer said in a news release. SpringCM has worked with organizations such as ADP, Aetna, Facebook, Hilton, Lenovo, Spotify, and the U.S. Department of Agriculture, according to the news release.
The deal still must be approved by the boards of directors for both companies, and has already received the green light from SpringCM’s shareholders, according to a securities filing. The companies expect the acquisition to close in the third quarter of this year.
Though the company is now headquartered in San Francisco, Docusign was formed in Seattle in 2003 and still has offices and hundreds of employees in the city, as Xconomy previously reported. DocuSign stock closed at $53.90 today, up 4.2 percent from its July 30 close. The stock increased 1.8 percent to $54.89 as of 5:57 p.m. in New York during after-hours trading.