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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Exchange operator CME Group to buy Britain’s NEX for $5.5 billion. SoftBank eyes 25 percent stake in Swiss Re worth $9.6 billion. San Francisco will regulate electric scooter sharing. SoftBank Group and Saudi Arabia plan to spend $200 billion building the world’s biggest solar power plant. GM’s Cruise CTO departs. Snap cuts about 100 employees in latest round of downsizing.
• Branch International, a San Francisco-based mobile “branchless bank” for emerging markets, raised $70 million in Series B funding. Trinity Ventures led the round, and was joined by investors including Victory Park, International Finance Corporation (IFC), Andreessen Horowitz and CreditEase Fintech Investment Fund.
• Bigfoot Biomedical Inc, a Milpitas, Calif.-based developer of an automated insulin delivery system, raised $55 million in Series B funding. Investors include Abbott, Cormorant Asset Management, Senvest Capital Inc., Senvest Management LLC, Visionnaire Ventures, JDRF T1D Fund and T1D Exchange.
• BetterUp, a San Francisco-based leadership development platform, raised $26 million in Series B funding. Lightspeed Venture Partners led the round, and was joined by investors including DFJ, Freetyle Capital and Crosslink Capital.
• Swift Medical, a Toronto-based specialist in digital wound care management, raised $11.6 million in a Series A funding. Data Collective (DCVC) led the round, and was joined by investors including Real Ventures, Relay Ventures and BDC Capital.
• Kloudless, a Berkeley, Calif.-based enterprise integrations solution for developer and product teams, raised $6 million in Series A funding. Aspect Ventures led the round, and was joined by investors including Bow Capital, Alibaba Taiwan Entrepreneurs Fund, Heavybit, Ajay Shah, Tim Draper and David Sacks.
• Scotty Labs, a tele-operations company working on technology for remote control-enabled self-driving cars, raised $6 million in seed funding. Gradient Ventures led the round, and was joined by investors including Horizon Ventures and Hemi Ventures.
• SpyCloud, an Austin, Texas-based cybersecurity company, raised $5 million in Series A funding. Investors include Silverton Partners and March Capital Partners.
• Siren, a San Francisco-based health tech company, raised $3.4 million in seed funding. Investors include DCM, Khosla Ventures and Founders Fund.
• RoundTrip, a healthcare technology company that coordinates non-emergency medical transportation, raised $1.9 million in seed funding. Investors include Ben Franklin Technology Partners of Southeastern Pennsylvania, Abell Foundation, Brown Advisory and the Johns Hopkins University.
• Bluzelle, a Singapore-based blockchain-based database provider, raised $1 million in funding. Investors include NEO Global Capital.
• True Gault, a New York-based 3-D imaging shoe brand, raised funding of an undisclosed amount. Investors include Tim Draper.
PRIVATE EQUITY DEALS
• MSouth Equity Partners invested $90 million in Eco-Site LLC, a Durham, N.C.-based wireless tower and infrastructure company.
• OneConnect, the financial management portal of Ping An insurance, is preparing for an IPO of up to $3 billion, Bloomberg reports citing sources. Read more.
• Odeon cinemas group, the U.K. firm backed by AMC Entertainment, is working on an IPO of up to $2 billion, Reuters reports citing sources. Read more.
• iQiyi, a Beijing-based video streaming service, raised $2.3 billion in an IPO of 125 million ADSs priced at $18 apiece. The company posted revenue of $2.7 billion and earnings of $146.4 million for 2017. Baidu (69.6% pre-offering) and Xiaomi Ventures (8.4%) back the firm. Goldman Sachs, Credit Suisse, and BofA Merrill Lynch are underwriters in the deal. The firm plans to list as on the Nasdaq as “IQ.” Read more.
• Bilibili, a Shanghai-based anime video sharing platform in China, raised $483 million in an offering of 42 million ADSs priced at $11.50, the midpoint of its $10.50 to $12.50 range. The firm posted $379.4 million in revenue and loss of $28.2 million in 2017. Loyal Valley Capital (9.0%), IDG-Accel China (7.6%), Legend Capital (5.9%) and Tencent (5.2%) back the firm. Morgan Stanley, BofA Merrill Lynch and J.P. Morgan are the joint bookrunners on the deal. The firm plans to list on the Nasdaq as “BILI.” Read more.
• Unum Therapeutics, a Cambridge, Mass.-based immunotherapies developer, raised $69.2 million in an offering of 5.8 million shares priced at $12, the low end of its range. The firm posted revenue of $8.4 million and loss of $25.6 million in 2017. Atlans Venture (13.9% pre-offering), F-Prime (9.9%), Aventisub (5.8%), and New Leaf (5.3%) back the firm. Morgan Stanley and Cowen & Company are joint bookrunners in the deal. It plans to list on the Nasdaq as “UNUM.” Read more.
• IBEX Holdings, a Hamilton, Bermuda-based customer service company, postponed its $60 million IPO of 4 million shares priced between $14 to $16 apiece. In the year ending June, the firm posted revenue of $334 million and loss of $9 million. TRG Pakistan Limited backs the firm. Baird, Piper Jaffray, William Blair and SunTrust Robinson Humphrey are underwriters in the deal. The firm plans to list on the Nasdaq as “IBEX.” Read more.
• Plantronics agreed to acquire Polycom, a San Jose, Calif.-based video conference equipment provider, for $2 billion. The seller was Siris Capital.
• Ardian will sell its stake in Bricoprivé.com, a France-based private sales website for DIY, gardening and home improvements, to Florac Investissements. Financial terms weren’t disclosed.
• Apposite Capital acquired OrthoD Group, a U.K.-based maker and distributor medical products and implants for joint reconstruction, sports medicine, and infection control applications, from The Riverside Company. Financial terms weren’t disclosed.
• Comvest Partners acquired Systems Control, a Iron Mountain, Mich.-based maker of equipment enclosures and control and relay panels used in electrical transmission and distribution substations. Financial terms weren’t disclosed.
FIRMS + FUNDS
• Pandion Mine Finance, a New York-based investment firm that provides financing to developing mining companies, raised $175 million for its inaugural fund.
• Karin Kovacic joined Monroe Capital as a managing director.