“We want to keep growing as a strong public company,” said Allan Tygesen, CEO of DocuSign, in an interview with CNBC at a recent event in London.
There were rumors that private equity companies like Bain Capital and Hellman & Friedman were interested in buying DocuSign, a platform for signing documents online.
Tygesen mentioned that while DocuSign might consider mergers or acquisitions down the road, their main goal is to continue building a successful independent company.
DocuSign, a platform for managing contracts, is determined to stay a public company. CEO Allan Thygesen told CNBC that they’re focused on showing investors the potential of their artificial intelligence technology.
“We want to build a strong, independent public company,” Thygesen said in an interview at a recent event in London. “I joined DocuSign when it was already a public company, and it’s an exciting time for us.”
There were rumors that private equity firms like Bain Capital and Hellman & Friedman were interested in buying DocuSign. Reports suggested they were competing to buy the company for nearly $13 billion. However, disagreements over the price reportedly paused their pursuit.
Thygesen couldn’t confirm these rumors but emphasized their commitment to remaining independent. CNBC couldn’t verify the reports, and both Bain Capital and Hellman & Friedman didn’t comment when asked.
Thygesen mentioned that DocuSign might consider mergers or acquisitions in the future. He told CNBC, “You can never say no to any deal if it comes up.”
But he made it clear: “Our main focus is on building a successful independent company. We see a big opportunity, so that’s our priority.”
In February, DocuSign announced changes to its business structure, including laying off 6% of its global workforce. Most of the job cuts were in sales and marketing.
The company expects to spend between $28 million to $32 million on the restructuring. This includes payments to employees who are leaving and other related expenses.
AI Will Make a Big Impact
DocuSign has been working hard to show investors how artificial intelligence (AI) can shape its future. They’ve introduced new products using AI and made a deal to buy Lexion, a contract management product driven by AI, for $165 million.
On top of that, CEO Thygesen led a complete rebranding of the company, including a new logo and updated brand.
They also launched a new product focus called “Intelligent Agreement Management,” or IAM. It’s a more automated version of DocuSign’s Contract Lifecycle Management (CLM) process, which covers everything from preparing contracts to managing them after they’re signed.
Thygesen thinks investors trust that the company is in good hands, they’re doing well, and they’ve sorted things out. Now, investors are curious to see how the company will do with new ideas.
He believes that AI will make a big impact in many areas, for many different types of businesses.
“I feel lucky to be part of this in a company that I think is in a good position to benefit from it,” Thygesen said. But he also thinks AI will affect any business, no matter what it does.