UPDATED 14:03 EDT / MARCH 20 2018

CLOUD

As tech IPOs heat up, DocuSign reportedly plans to go public within 6 months

DocuSign Inc., the company that helped turn electronic signatures into a staple of doing business in the digital era, could hit the stock market in the next six months.

That’s according to a TechCrunch report published today that claims the firm has secretly filed to go public. An initial public offering by DocuSign would mark another milestone in what is already shaping up to be a stronger year for tech IPOs, which are just starting to rebound following an extended period of slowed activity.

This year’s first major tech IPO took place last week when Zscaler Inc., a maker of software that enables employees to securely access their companies’ business applications, raised $192 million from investors. The company’s share price more than doubled on its first day of trading and continues to remain near the original high point. That’s an encouraging signal for DocuSign and the other tech firms planning to go public this year.

First in line is Dropbox Inc., which will hold its IPO later this week with an eye toward raising up to $648 million on a $8 billion valuation. Spotify AB is set to follow suite on April 3.

There are also several other tech firms that have reportedly quietly filed the paperwork for an initial public offering just like DocuSign. This confidentiality is facilitated by a law called the JOBS Act that lets companies avoid the extended period of public scrutiny involved in a regular IPO, which requires publicizing key financial information well ahead of time. The legislation was originally focused on enterprises with annual revenues below $1 billion before being extended to cover companies that earn more last year.

DocuSign may very well fall into the latter category. Since it was founded in 2003, the company’s electronic signature services have been adopted by no fewer than 200 million users, including employees of Morgan Stanley, T-Mobile USA Inc., Salesforce.com Inc. and many other of the world’s largest enterprises.

Image: DocuSign

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