Good morning, Term Sheet readers.
It’s a big month for tech “unicorns.” Following in the footsteps of Dropbox & Zscaler, electronic signature services provider DocuSign is preparing to go public in late April.
DocuSign announced Wednesday that it has filed its Form S-1 with the Securities and Exchange Commission. It still hasn’t revealed its price range, nor the number of shares that it will offer, but the ticker symbol will be “DOCU.”
Some notes from the S-1:
— DocuSign’s last funding round was in 2015 when it raised $233 million at a $3 billion valuation. Investors include Bain Capital Ventures, Sigma, Ignition, Frazier, Deutsche Telekom, Intel and Microsoft. In total, the company has raised north of $500 million in venture funding.
— DocuSign’s revenues for the year ending January 31, 2017 totaled $381.5 million, which is up 52% from the year before. However, it also reported a net loss of $115.4 million in that same period. The company has not yet turned a profit.
— It warns in the filing: “We have a history of operating losses and may not achieve or sustain profitability in the future.”
— It grew its customers from 210,000 in 2016 to approximately 285,000 in 2017. Its number of enterprise and commercial customers grew by 7,000 in the same period.
— It plans to accelerate its international expansion although only 17% of its revenue came from outside of the United States. In the filing, DocuSign explains that it plans to increase its international customer base by expanding investments in technology, direct sales force, and strategic partnerships around the world.
— The largest stakeholders are Sigma Partners (12.9% of outstanding shares), Ignition Partners (11.7%), and Frazier Technology Ventures (7.2%).
Looks like Silicon Valley’s IPO drought is coming to an end.
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