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DocuSign follows Covid ‘shot in the arm’ with 58% revenue surge in Q1

E-signatures specialist DocuSign has continued to gain from the Covid-19 related race to digital transformation, reporting a 58% rise in year-on-year revenues for its first quarter ending 30 April 2021.

In the earnings call with analysts, DocuSign chief executive Dan Springer confirmed that the company was not seeing its sales fall post-Covid — although some predicted that digital workplace focused companies like DocuSign would likely lose some of their momentum as pressures from the pandemic lift.

“Once [people] see the benefits of the digital transformation, and particularly around the Agreement Cloud, from having opportunity to grow their business with us, they don’t go back. In fact, they look for additional opportunities to expand,” Springer said, according to a transcript by investor website The Motley Fool.

Nasdaq-listed DocuSign has announced total revenue for the quarter of $469.1 million, an increase of 58% year-over-year. Subscription revenue was $451.9 million, an increase of 61% year-over-year.

Professional services and other revenue was $17.1 million, an increase of 7% year-over-year, and billings rose 54% year-over-year to $527.4 million, according to the official release.

“We’ve increasingly become the way people agree in this emerging anywhere economy — and not only during the pandemic but helping them realise new and more efficient ways of doing business in the future,” said Springer.

DocuSign numbers pharmaceutical giant AstraZeneca among its customers. AstraZeneca has standardised on DocuSign for many documentation management needs.

According to Dave Smoley, chief information officer at AstraZeneca, DocuSign solutions help it bring products, such as vaccines, to market faster, increasing revenues by millions of dollars via accelerated processes.

About 85% of AstraZeneca’s agreements now take less than one day to conclude as a result of DocuSign eSignature implementation, according to DocuSign.

“DocuSign fits right in as one of the tools that drives simplification, drives speed, and drives value clearly. It’s an enabler,” Smoley said in the related customer case study.

( Photo by CDC on Unsplash )

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