DocuSign, the electronic signature company, has ended its search for a permanent CEO. Effective this week, Daniel Springer, is taking the reigns and former CEO Keith Krach is moving to a chairman role.
With a reported valuation of over $3 billion, 14-year-old DocuSign is said to be scaling, with speculation that it’s nearing its long-awaited IPO. Though he couldn’t comment on timing, Springer happens to have experience with IPOs — he brought Responsys public in 2011 and later helped it get acquired by Oracle.
Springer explained that it will be business as usual at DocuSign, telling TechCrunch that his first priority is to “do no harm.” He spoke confidently about the company’s growth rate, where they’re seeing a “tremendous amount of momentum.”
DocuSign counts big clients like T-Mobile, Salesforce, Morgan Stanley and Bank of America, who rely on the software to make it more efficient for clients to sign documents. Springer says they’ve been growing transactions at over 70% per year.
The company has a tiered business model, where corporations pay more for added services. It’s “very predictable revenue,” says Springer.
North America is their largest market, but they’ve been making attempts to expand in regions like the U.K., France, Australia, Brazil, Singapore and Japan.
DocuSign is not without competition. There’s Adobe’s Sign (formerly EchoSign), PandaDoc, SIGNiX and quite a few others.
The company has raised over $700 million from a long list of investors which includes Bain Capital, Intel and Kleiner Perkins.