Electronic signature software company DocuSign filed paper documents for the IPO on Nasdaq on Wednesday under the symbol DOCU, which show more than 50% revenue growth and declining losses from 2016 to 2017.
More than 91 percent of the company's revenue comes from subscriptions; the rest comes from professional services. About 83 percent of the company's revenue comes from the US
DocuSign was founded in 2003 and is headquartered in San Francisco with 2,255 employees on January 18. The company has 350,000 customers and "hundreds of millions of users". "Investors include Frazier Technology Ventures, Ignition Partners and Sigma Partners.
Daniel Springer replaced Keith Krach after joining Private Equity Advent International in January 2017.
DocuSign operates data centers in the US and Europe, but has worked in the US May 2017 signing a contract with an unnamed cloud infrastructure provider will spend $ 10 million by January 31, 2021.
DocuSign's filing is the latest in a number of software companies that want to go public. recently filed an application include Dropbox, Pivotal, Smartsheet, and Zuora.
In the submission filed Wednesday, DocuSign announced that there was a small data breach last year.
Non-core system for service-related announcements which contained a list of email addresses, "the company said. "We took immediate action to prevent unauthorized access to this system, introduced more security controls, and worked with law enforcement agencies."
Morgan Stanley and JP Morgan are the lead underwriters in the transaction.
Correction: In an earlier version of this article, the primary source of DocuSign revenue was incorrectly specified. The vast majority comes from subscriptions.