DocuSign to cut 10% of its workforce in a second round of layoffs
DocuSign, a company best known for its eSignature software, said Thursday that it would cut about 10% of its workforce in a second round of layoffs. The news comes just five months after the document signature product provider laid off some of its worksto support its growth and profitability objectives.
DocuSign says it expects to take charges of $25 million to $35 million on the restructuring plan, with the majority being incurred in the quarter ending April 30. In September, DocuSign laid off about 9% job of its workforce following slower growth in 2022 after a pandemic boom. According to a regulatory filing, DocuSign had 7,461 employees as of Jan. 31, 2022.
The layoff announcement is the latest in a series of job cuts in the tech industry. Last week, the world’s largest domain registrar GoDaddy also laid off 8% of its workforce, or about 530 employees amid the global economic slowdown. During the same week, Zoom announced it was laying off 15% of its workforce, or about 1,300 employees as its stock fell from its peak of $559 to $85. A day earlier, Dell announced plans to lay off 6,650 workers. In January, Google also said it plans to lay off more than 12,000 workers, while Microsoft revealed it plans to cut 10,000 employees and Salesforce announced plans to lay off 7,000 workers.
With less than two months into 2023, more than 340 tech companies have laid off over 100,000 tech workers, according to Layoffs.FYI, a site that has been tracking all tech layoffs using data compiled from public reports.
DocuSign currently has over 477,000 customers and hundreds of millions of users in over 180 countries worldwide. Over the years, however, the San Francisco, California-based company has expanded into document automation and agreement management. It has helped many organizations helps organizations connect and automate how they prepare, sign, act on, and manage agreements.
Founded in 2010 by CEO Ulf Zetterberg, Seal Software helps provides contract discovery and analytics software that uses machine learning and AI to find contracts across the network and extract contract data. Prior to Seal, Ulf held senior executive positions at companies like OpenText, Legato, EMC, Kazeon, and Proact. Ulf studied Economics at Stockholm University. Seal Software has raised over $43 million in funding over 5 rounds.