DocuSign, the e-signature and digital transaction management firm, said on Tuesday that it plans to acquire Chicago-based SpringCM in a $220 million cash deal.
SpringCM makes document generation and contract lifecycle management software. DocuSign plans to use SpringCM to broaden its core services beyond e-signature and expand its total addressable market.
With SpringCM, DocuSign plans to provide services for what's known as the System of Agreement process, which includes preparing, signing, acting-on, and managing agreements. DocuSign CEO Dan Springer said the company previously partnered with SpringCM to offer joint customers tools for agreement lifecycle management, but is now looking to move those tools in-house.
"We have many more DocuSign customers asking us to provide these capabilities natively as part of our platform," Springer said. "That's why we believe today's announcement makes such great business sense."
This is DocuSign's first since acquisition since going public in April.
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