DocuSign stated that it would reduce its existing staff by around 6%, or 400 employees, becoming the latest company to join the worldwide wave of layoffs in the technology industry.
DocuSign announced on Tuesday that it would decrease its existing employment by around 6%, or 400 employees, becoming the latest company to join the tsunami of layoffs in the technology industry.
The majority of the layoffs will occur in the company’s sales and marketing departments, according to a regulatory filing.
It was noted that Bain Capital and Hellman & Friedman, the private equity companies seeking to buy DocuSign, have paused talks about how much they should pay to acquire the supplier of electronic signature services.
DocuSign’s stock finished 8% lower on Monday following the announcement that the talks had stopped. The stock was down roughly 4% on Tuesday.
DocuSign employed 7,336 employees as of January 31, 2023, according to their most recent annual report.
The business anticipates incurring the majority of the restructuring charges in the first quarter of fiscal 2025.
Other technology and media companies, including Amazon.com, Alphabet, and Microsoft, announced layoffs last month as they grappled with economic uncertainties.
It was reported in December that DocuSign was in talks with consultants about a potential sale.
DocuSign went public in 2018 with a valuation of $6 billion. It allows users to digitally sign documents from any electronic device, and its clients include T-Mobile and United Airlines.
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