E-Signature Software Maker DocuSign Files for Initial Offering

(Bloomberg) -- DocuSign Inc., the maker of electronic document software valued in its last private funding round at $3 billion, has filed for a U.S. initial public offering.

The company listed the offering size at $100 million in a filing Wednesday with the U.S. Securities and Exchange Commission. That figure is a placeholder amount for calculating fees and will likely change.

DocuSign has been discussing plans for an IPO since at least 2013, but a drawn-out search for a chief executive officer to take the company public helped delay that process. Current CEO Dan Springer was hired after a 15-month search by the company, which had one candidate back out at the last minute.

More than 350,000 companies use DocuSign’s software that helps automate business agreements and e-signatures, according to the filing. The San Francisco-based company posted a net loss of $115 million on $382 million in total revenue for the year ended Jan. 31. In the previous year, it had a net loss of $123 million on total revenue of $251 million.

DocuSign has raised more than $450 million in private funding from investors such as venture capital firm Kleiner Perkins Caufield & Byers and Microsoft Corp., according to its website.

The company has applied to list on the Nasdaq Global Select Market under the symbol DOCU. Morgan Stanley and JPMorgan Chase & Co. are leading the deal.

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