What changed in this filing

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Item 1. Business

2025-03-18 compared with 2024-03-21 · 181 added, 193 removed, 142 unchanged (72% of the section changed)

DocuSign offers products that address agreement workflows and digital transformation as part of its agreement management platform, enabling agreements to be signed electronically on a wide variety of devices, from virtually anywhere in the world, securely.

DocuSign’s core product offerings, including the world’s leading electronic signature product , allow organizations to do business faster with less risk and at a lower cost, while providing a better experience for customers.

DocuSign also offers contract lifecycle management software that automates pre- and post-signature workflows.

This includes automatically generating an agreement from data in other systems, supporting negotiation workflows, verifying identities, enabling remote online notarization, collecting payment after signatures, and using artificial intelligence (“AI”) to analyze a collection of agreements for risks and opportunities.

At the core of every business is a series of agreements and every agreement involves a workflow that guides how we create, commit, and manage agreements.

However, traditional agreement processes are slow, expensive and error-prone as they involve many manual steps, disconnected systems, and paper signing.

Our value proposition is simple to understand:

eliminate the paper-based processes, automate agreement workflows, and connect to the applications and systems where work gets done.

DocuSign has over 900 active partner integrations, so businesses can easily integrate mission-critical business processes with agreement workflows.

This allows organizations to reduce turnaround times and costs, largely eliminate errors, and deliver a streamlined customer experience.

As of January 31, 2024, over 1.5 million customers and more than a billion users in over 180 countries use our products and solutions to accelerate and simplify the process of doing business.

We offer subscriptions to our products, which include editions with varying functionality for different customers’ needs, as well as products and features specific to particular geographies or industries.

We also focus on customer adoption, success and expansion.

This helps us deliver continued value and creates opportunities for increased usage.

Our customer base is broad and diverse ranging from the largest global enterprises to very small businesses (“VSBs”) and nonprofits, across virtually all industries globally.

The world’s leading brands trust DocuSign, including global leaders in energy, industrials, consumer goods, and multiple federal and state government agencies.

Within a given organization, our technology is adopted across many business functions and for many use cases including:

generating contracts for sales, signing employment offers for human resources, and analyzing commercial agreements for legal, among many others.

The global reach and broad applicability of eSignature across business functions, combined with our offering of end-to-end contract lifecycle management applications represents an addressable market of approximately $50 billion, according to our estimates.

To capitalize on this opportunity, our sales and marketing strategy focuses on attracting new businesses, as well as expanding our use cases within existing customers.

We rely on our direct sales force and partnerships to sell to enterprises and commercial businesses.

We also rely on a digital self-service channel to attract new customers in a more cost-effective manner, in particular those customers in segments or markets that may not be currently or easily serviced by our direct sales or partner efforts.

As a result of our product-led-growth initiatives, we expect the portion of business that comes from our digital self-service channel to continue to increase.

The Benefits of Using DocuSign

DocuSign leverages our core strength in eSignature to deliver easier, smarter and more trusted agreements.

We help organizations connect and automate agreement workflows with our industry leading product offerings that span the entire agreement lifecycle to enhance the customer experience while enabling the digital transformation of agreements.

In addition to what we do, we believe we are differentiated by how we do it:

• Simple to use.

A key reason for our customer loyalty is our products’ ease of use.

Our eSignature product allows users to send and sign an agreement from practically anywhere to any device, delivering greater efficiency and faster time to value for our customers.

We are widely known for our ease of use and customer satisfaction.

For example, as of January 2024, our eSignature app had more than 700,000 ratings with an average score of 4.9 out of 5 stars on Apple's App Store.

• Developer-friendly.

Our extensive application programming interfaces (“APIs”) enable our products to be quickly embedded into or connected with an organization’s own apps, systems and processes.

Our platform has more than

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900 active partner integrations with business systems where work gets done.

In the case of eSignature, this has led to the majority of transactions being driven through our APIs today.

By integrating with the other systems our customers use to do business—as opposed to simply being a standalone app—we promote greater usage and engagement with our products.

• Vertical offerings.

We offer enhanced solutions tailored to particular industries, such as financial services, government, life sciences, and real estate.

In some cases, these may be variants of a product like eSignature, such as our eSignature Life Sciences Modules for assisting with compliance with U.S.

Food and Drug Administration regulations.

In other cases, it may be a distinct product for an industry, such as Rooms for Real Estate, which includes task management, templates, and workflow for real estate transactions.

Finally, it may include a combination of additional capabilities and authorizations such as FedRAMP Moderate, which enables us to support various use cases within federal government agencies.

• Globally adopted.

Our expertise in electronic signature and other agreement technologies is truly global.

This is key, given that different regions have different laws, standards and cultural norms.

We assist multiple parties in different jurisdictions to complete agreements and other documents in a legally valid manner.

For example, in Europe, we have offerings tailored for the European Union’s (“EU”) electronic Identification, Authentication and Trust Services (“eIDAS”) regulations, as well as for verifying European eIDs.

• Highly auditable.

With eSignature, every signed document is backed by a unique, auditable Certificate of Completion, automatically capturing key signing details to help authenticate the document.

It includes party names, email addresses, public IP addresses, and a time-stamped record of individuals’ interactions with the document.

This level of evidence and auditability exceeds what is possible with traditional ink-on-paper signatures.

• Stringent security standards.

We seek to meet the industry’s most rigorous security certification standards and use the strongest data encryption technologies that are commercially available.

Our systems and processes for data protection, transmission and secure storage are certified for the globally recognized security standard, ISO 27001, among many other key privacy and security certifications.

• Scaled infrastructure.

Our main infrastructure is powered by near real-time data synchronization across a ring of four geo-dispersed data centers in the United States (“U.S.”), and a similar ring of data centers in the EU.

This infrastructure has enabled us to deliver over 99.9% availability to our eSignature customers and users worldwide over the past 12 months.

We believe customers benefit from working with us in many ways, including:

Docusign solutions bring agreements to life, accelerating and simplifying the process of doing business.

Docusign’s core offerings — our intelligent agreement management (“IAM”) platform, the world’s leading eSignature solution, and contract lifecycle management (“CLM”) solution — allow organizations to boost productivity, accelerate contract review cycles, and transform agreement data into insights and actions, while providing a better customer experience.

Docusign’s IAM platform automates agreement workflows, uncovers actionable insights, and leverages AI capabilities, enabling organizations to create, commit, and manage agreements, from virtually anywhere in the world, securely.

As of January 31, 2025, nearly 1.7 million customers and more than a billion users worldwide utilize Docusign to accelerate and simplify the process of doing business.

We offer subscriptions to our products to businesses at all scales, from global enterprises down to very small businesses (“VSBs”).

We offer more than 1,000 active partner integrations with the applications that many of our customers already use so that they can create, commit, and manage agreements directly within these applications.

We have a diverse customer base spanning across virtually all industries and around the world with no significant customer concentration.

No single customer accounted for more than 10% of total revenue in any of the periods presented.

We focused initially on selling our products to commercial businesses and VSBs and later expanded our focus to target enterprise customers.

As of January 31, 2025, we had a total of nearly 1.7 million customers, including over 260,000 enterprise and commercial customers, compared to over 1.5 million customers and approximately 242,000 enterprise and commercial customers as of January 31, 2024.

We define a customer as a separate and distinct buying entity, such as a company, an educational or government institution, or a distinct business unit of a large company that has an active contract to access our products.

The number of our customers with greater than $300,000 in annualized contract value was 1,131 as of January 31, 2025, compared to 1,060 as of January 31, 2024.

Each of our customer types has a different purchasing pattern.

VSBs typically become customers by quickly utilizing our digital and self-serve channels and generate smaller average contract values, while commercial and enterprise customers typically involve longer sales cycles, larger contract values, and greater expansion opportunities for us.

We generate substantially all our revenue from sales of subscriptions, which accounted for 97% of our revenue in each of the years ended January 31, 2025 and 2024.

Our subscription fees are primarily comprised of fees from customers using our products and access to customer support.

Subscriptions generally range from one to three years, and substantially all our multi-year customers pay in annual installments, one year in advance.

We also generate revenue from professional and other non-subscription services, which consist primarily of fees associated with providing new customers with deployment and integration services.

Other revenue includes amounts derived from sales of on-premises solutions.

Professional services and other revenue accounted for the remainder of total revenue in each of the years ended January 31, 2025 and 2024.

Historically, we offered access to most of our products on a subscription basis with prices based on the functionality and the quantity of Envelopes required by our customers.

Similar to the physical envelopes historically used to mail paper documents, an Envelope is a digital container used to send one or more documents for signature or approval to one or more recipients.

Our customers have the flexibility to put a large number of documents in an Envelope.

For several use cases, such as buying a home, multiple Envelopes are used over the course of the process.

To drive customer reach and adoption, we also offer certain limited-time or feature-constrained versions of our eSignature solution for free.

In the second quarter of fiscal 2025, we began offering our IAM platform on a user-based subscription basis in specific customer segments and geographies, through our direct sales channel.

Our IAM subscription offerings have multiple pricing tiers as well as specialized packages for specific user personas, end markets, and departments.

While IAM platform subscriptions include our core products and solutions, including eSignature, we expect standalone eSignature to continue to represent the majority of our revenue for the foreseeable future as we continue to roll out IAM across additional segments and geographies.

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Our Growth and Investment Strategy

We believe that our market opportunity is large, and we plan to invest to support long-term growth based on the three pillars of our long-term strategy:

Accelerating Product Innovation

The first pillar is to accelerate product innovation through research and development investments, helping our IAM platform address our customers’ agreement management needs comprehensively.

We aim to deliver category-leading value in the agreement management market while evolving into a platform company.

In April 2024, we announced the launch of the IAM platform at our annual Momentum customer conference.

We rapidly innovated the platform from ideation to launch, leveraging customer feedback.

As a platform, IAM includes our industry-leading eSignature product as a core capability.

Other capabilities include Navigator, our AI-powered agreement repository that helps customers manage and identify insights from their agreements, and Maestro, our no-code workflow builder that helps customers accelerate agreement processes.

◦ Developer Ecosystem:

Part of our evolution into a platform company requires supporting a dynamic community of developers and partners to create new solutions that extend the capabilities of our IAM platform.

In November 2024, we hosted Docusign Discover, our first-ever developer-focused conference, and launched Docusign for Developers, giving our partners tools to build apps powered by the IAM platform.

Partners can share their apps in the Docusign App Center, adding to the over 1,000 active partner integrations with Docusign products.

◦ eSignature and CLM:

With a renewed focus on product innovation, our two largest existing products by revenue have seen improved innovation delivery, as a result of our investment in the IAM platform, which bring more AI-powered capabilities across the greater Docusign product portfolio.

◦ Core Value Propositions:

Docusign is building IAM on the foundation created by our existing customer value propositions and benefits, including eSignature user simplicity, which has generated over 750,000 Apple App Store ratings with an average score of 4.9 out of 5;

global footprint and adoption by customers in many jurisdictions that require different legal requirements to complete valid agreements;

highly auditable agreements and signatures;

stringent security certification standards;

and scaled infrastructure that enables delivery of eSignature at over 99.9% availability worldwide.

Strengthening Our Omnichannel Go-To-Market

The second growth pillar focuses on improving our omnichannel go-to-market (“GTM”) capabilities to better meet the evolving needs of our customers.

By strengthening our direct sales, partner, and self-service routes to market, we aim to simultaneously accelerate our ability to scale while reducing our customer acquisition and management costs.

This refined approach enables us to reach new customers, more flexibly respond to customer needs, and fuel efficient growth.

◦ Direct Sales :

Docusign has placed a growing emphasis on customer retention and enhancing customer relationships with its direct sales team.

With the launch of IAM, we are focused on delivering greater value to customers through a complete end-to-end agreement management system of record.

This requires strengthening our direct sales force’s ability to provide greater consultation and solution education to our customers.

We believe the result will be broader IAM deployments across a greater number of use cases vs.

our historic eSignature relationships with customers.

◦ Third-Party Channel Partners :

In addition, we are increasing our efforts to drive broader customer engagement through third-party channel partners to support the delivery of Docusign’s products, in particular IAM.

Within our GTM strategy evolution, we are investing in deeper partner engagement across strategic technology partners like Microsoft, SAP, and Salesforce with whom we have both product integrations and co-selling relationships.

We also continue to invest in greater independent software vendor (“ISV”) and system integrator (“SI”) relationships.

These efforts are supported by the recent launch of our third-party ecosystem called Docusign for Developers which includes software development kits (“SDKs”) and application programming interfaces (“APIs”) to launch apps on IAM, and dedicated engagement with partners at our global series of Momentum customer events.

◦ Digital E-commerce Sales & Self-Service :

We continue to invest in product-led growth and self-service capabilities as cornerstones of our GTM strategy.

In fiscal 2025, digital revenue grew faster than overall revenue, demonstrating strong results from our focus on e-commerce capabilities and making it easier for customers to discover, try, and buy from Docusign.

We will continue working to remove friction and deliver delight across every step of the digital customer journey to make our experiences seamless and intuitive.

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Increasing Operational and Financial Efficiency

Finally, our third growth pillar is to enhance operational and financial efficiency to scale effectively and sustainably.

This includes prioritizing investments in infrastructure and technology that best serve our diverse customer base, including our migration to cloud-based infrastructure.

Additionally, we continue to evaluate strategic acquisitions and partnerships that align with our growth objectives and expand our product offerings.

We believe these combined efforts will strengthen our ability to retain and grow within our existing customer base, while also attracting new customers.

Increasing International Revenue

Our international revenue represented 28%, 26% and 25% of our total revenue in each of the years ended January 31, 2025, 2024, and 2023.

We started our international selling efforts in English-speaking common law countries, such as Canada, the UK and Australia, where we were able to leverage our core technologies due to similar approaches to electronic signature in these jurisdictions and the U.S.

We have since made significant investments to be able to offer our products in select civil law countries.

For example, in Europe, we offer Standards-Based Signature (“SBS”) technology tailored for the European Union’s (“EU”) electronic Identification, Authentication, and Trust Services (“eIDAS”) regulations.

SBS supports signatures that involve digital certificates, including those specified in the EU’s eIDAS regulations for advanced and qualified electronic signatures.

We believe there is a substantial opportunity for us to increase our international customer base by leveraging and expanding investments in our technology, direct sales force and strategic partnerships around the world, as well as helping existing U.S.-based customers manage agreements across their international businesses.

We have experienced increased demand across multiple regions and are focusing our sales and marketing resources to capitalize on the potential growth of these markets.

Additionally, we expect to continue to develop and enhance our strategic partnerships in key international markets as we grow internationally.

Docusign enables businesses to address each aspect of the agreement process with our product offerings, which are tailored for each step in the agreement lifecycle and, in some cases, for particular market segments, industries or geographic regions.

We focus on meeting customer needs by providing them a variety of products and solutions to address their needs.

Key products include:

• IAM Apps built on our AI-powered IAM platform, enabling customers to connect and optimize every step of the agreement management process.

Three versions of these Apps (Core, Sales and CX) launched in Spring of 2024, and contain some combination of our key platform capabilities, in particular:

our industry-leading eSignature product;

Navigator, which enables customers to create a unified repository of all agreements, including those saved in third-party applications, and uncover actionable insights and contract details through AI;

Maestro, which enables customers to easily build and deploy no-code customized workflows to automate and accelerate agreement processes;

and Docusign App Center, which allows customers to customize and extend agreement processes with third-party applications.

• eSignature enables sending and signing of agreements on a wide variety of devices, from virtually anywhere in the world, securely.

We offer multiple editions and add-ons that can be combined to fit the needs of different organizational sizes, industries and regions.

• CLM orchestrates workflows across the entire agreement process.

It provides organizations the flexibility to automate complex processes for generating, negotiating, and storing agreements, as well as the ability to leverage AI-powered contract analytics to discover risks and opportunities hidden within agreements.

We offer multiple editions of CLM, each tailored to meet the needs of customers with different organizational sizes and contracting complexity.

• Add-on Products, which are additional capabilities to help better streamline the agreement process:

◦ Payments to collect payments along with signed agreements;

◦ Identity and SBS for enhanced signer-identification and signatures with digital certification;

◦ Notary for remote online notarization;

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◦ Web Forms & Document Generation for accelerated contract drafting and building customized agreements;

◦ Monitor for advanced analytics;

◦ Gen for Salesforce for automated agreement generation within Salesforce.

Additionally, we believe customers benefit from these core value propositions:

• Doing business faster.

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For example, eSignature replaces the hassle and costs of faxing, printing, scanning, emailing, and other manual activities with a few clicks or taps—which can be done from practically anywhere, at any time.

Our Contract Lifecycle Management (“CLM”) software consolidates and automates every step of the agreement process from generation through negotiation, signature, ongoing management and storage.

Our CLM software consolidates and automates every step of the agreement process from generation through negotiation, signature, ongoing management and storage.

• Tailored industry-specific offerings.

Industry-specific Docusign offerings include:

Real Estate for eSignature, which allows brokers, agents and customers to manage the entire real estate transaction digitally;

Federal, State and Local Government through a Federal Risk and Authorization Management Program (“FedRAMP”) Impact Level Moderate environment for eSignature and CLM products, and dedicated data centers and system boundaries that offer heightened security;

and Health and Life Sciences with eSignature modules enabling compliance with the U.S.

Food and Drug Administration’s 21 CFR Part 11 regulations.

• Reduced risk.

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• Minimized environmental impact.

Environmental sustainability has been an important part of the DocuSign story since its inception.

eSignature not only reduces the use of paper, but also significant amounts of the waste, water, carbon, and wood required to make that paper.

We believe that DocuSign has an important role in creating a low-carbon, sustainable future and our products can help our customers incorporate sustainability into their business operations.

DocuSign solutions have helped our customers digitize agreement processes, saving the equivalent of 93 billion sheets of paper, 9 billion gallons of water, 7 billion pounds of carbon-dioxide and 545 million pounds of waste, as of January 31, 2024.

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Our Growth Strategy

We intend to drive the growth of our business by executing on the following strategies:

• Invest in innovation and expansion of our products.

We expect to continue investing in research and development to enhance our offerings, as well as to develop new solutions that further augment DocuSign’s product offerings.

In addition, we expect to continue to use partnerships to offer new integrations and, in some cases, products for resale.

We leverage sophisticated AI models for contract analysis and automation of some agreement workflows and plan to continue investing into generative AI for data and pattern recognition to further increase productivity and reduce friction for our customers.

Finally, we have acquired and may continue to acquire additional capabilities and make investments in key technologies.

• Expand our install base through new use cases and adoption of additional products, features and functionality.

A company’s first exposure to DocuSign is often through the use of eSignature in accelerating the execution of agreements.

Our strategy aims to expand beyond the initial eSignature use case to facilitate digital transformation across agreement workflows.

At every step of this process, we also see an opportunity to expand across the organization—for example, going from sales into services, human resources, finance, and other functions—thereby increasing the overall number of agreement workflows that are automated.

Our largest and most advanced customers have hundreds of use cases deployed, but the vast majority of our customers have only deployed a few use cases.

Thus, we believe there is strong potential to expand within our existing customer base.

• Drive new eSignature and CLM customer acquisition.

We offer the world’s leading electronic signature product and CLM software.

Our portfolio of products have successfully streamlined the agreement process for our customers and have automated many of the workflows before and after the signature.

We believe there is a $50 billion market opportunity for customer expansion for eSignature, CLM, and our other DocuSign products, in both the U.S.

• Expand self-serve capabilities.

We believe all customers can leverage our products and do business in a more automated way.

Our self-service digital sales strategy begins with a 30-day free trial to experience our eSignature product.

We have created a frictionless digital onboarding experience to allow customers to engage the way they prefer, enabling them to buy and manage their DocuSign relationship in a low-touch way.

Our goal is to enable a seamless and world class self-service experience.

• Accelerate international expansion.

In the year ended January 31, 2024, we derived 26% of our revenue from customers outside the U.S.

In fiscal 2024, we made additional investments in two high-potential countries, Germany and Japan, which included localized sales, support, and content.

We deploy a digital-first strategy in many emerging markets to more efficiently reach potential customers that may not otherwise be serviced by our direct sales force.

• Strengthen and foster our developer community.

With over 400,000 developer sandboxes created to enable product development and testing in isolated environments, and the majority of transactions on eSignature processed via our APIs today, we believe we have a strong developer community.

Our easy-to-use and robust APIs allow developers to extend and integrate DocuSign products into their own applications.

These developers help expand DocuSign functionality to other systems, thus driving greater usage of our platform and offerings.

We intend to continue investing in our APIs and other forms of support to further drive this virtuous cycle of value creation between developers and DocuSign.

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DocuSign enables businesses to address each aspect of the agreement process with our product offerings, which are tailored for each step in the agreement lifecycle and, in some cases, for particular market segments, industries or geographic regions.

We focus on meeting customer needs by providing them a variety of products and solutions to address their needs.

Some key products include:

• eSignature , our anchor product, enables sending and signing of agreements on a wide variety of devices, from virtually anywhere in the world, securely.

We offer multiple editions and add-ons that can be combined to fit the needs of different organizational sizes, industries and regions.

• CLM orchestrates workflows across the entire agreement process.

We offer multiple editions of CLM, each tailored to meet the needs of customers with different organizational sizes and contracting complexity.

• Gen for Salesforce allows sales representatives to automatically generate polished, customizable agreements with a few clicks from within Salesforce, and is optimized for small to mid-sized businesses who value a simplified solution that is easy to install and maintain.

• Document Generation streamlines the process of generating new, custom agreements.

It allows customers to build and maintain templates to generate custom, accurate and professional-looking agreements quickly by using a centralized template hub, an intuitive template builder, and dynamic merge fields and tables.

• Identify is a family of enhanced signer-identification options, such as for checking government-issued IDs.

• Standards-Based Signatures (“SBS”) support electronic signatures that utilize digital certificates, including those specified in the EU’s eIDAS regulations for advanced and qualified electronic signatures (also known as digital signatures).

• Monitor uses advanced analytics to track DocuSign eSignature web, mobile and API account activity across the customer’s organization to provide near real-time visibility and strengthen security.

• Notary combines our eSignature and ID verification tools to enable notaries public to conduct remote online notarization (“RON”) transactions.

Notary is Mortgage Industry Standards Maintenance Organization Certified for RON transactions.

• Web Forms accelerate contract drafting time by providing DocuSign customers with interactive web forms to quickly draft agreements using pre-populated data from completed forms or external systems via APIs.

Our industry-specific DocuSign offerings include:

• Real Estate:

Rooms for Real Estate provides a way for real estate brokers, agents and customers to manage the entire real estate transaction digitally.

It enables the creation and editing of documents;

custom approval processes and workflows for sharing and signing those documents;

integration with zipForm and other providers to simplify the completion of paperless forms;

and an API to ensure easy connection with Customer Relationship Management (“CRM”) systems, accounting software and other real estate related systems.

Federal, State and Local Government customers:

For federal civilian agency customers, DocuSign maintains a Federal Risk and Authorization Management Program (“FedRAMP”) Impact Level Moderate environment for eSignature and CLM commercial products, running within dedicated data centers and system boundaries that offer heightened security in the storage, transmission and encryption of data.

Department of Defense (“DoD”) customers, DocuSign maintains an Impact Level-4 authorization for eSignature and CLM, having demonstrated our ability to meet DoD’s rigorous security requirements for storing and handling controlled unclassified information.

• Health and Life Sciences:

Modules for 21 CFR Part 11 are add-ons for eSignature that support compliance with the electronic signature practices established by the U.S.

Food and Drug Administration’s 21 CFR Part 11 regulations.

Different pricing structures apply to different products.

For example, we price our eSignature subscriptions based on the functionality required by our customers and the quantity of Envelopes provisioned.

Similar to how physical agreements were mailed for signature in paper envelopes historically, we refer to an Envelope as a digital container used to send one or more documents for signature or approval to one or more recipients.

Our customers have the flexibility to put a large number of documents in an Envelope.

For a number of use cases, such as buying a home, multiple Envelopes could be used.

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Environmental sustainability has been an important part of Docusign’s mission from the start.

By digitizing agreements, we help reduce environmental impacts while supporting businesses in their efficiency and sustainability goals.

We believe that Docusign has an important role in creating a sustainable future and we are committed to minimizing our impacts on the planet.

Since 2022, we have matched 100% of our energy use with renewable energy credits.

In 2024, we set Science-Based Targets (“SBTs”), including a commitment to reduce emissions by 50% by 2030 and reach net-zero by 2050.

Through partnerships with nonprofits such as Forest Stewardship Council and Wildlife Conservation Society, we’re helping to drive meaningful change for a sustainable future.

Our Technology, Infrastructure and Operations

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We focus on innovation in global security and privacy management, high availability, enterprise-class manageability, extensible identity proofing, digital transaction processing and integration into companies' systems and workflows.

This infrastructure supports over one billion people and 1.5 million customers, including some of the world’s largest companies, and underpins our product offerings.

This infrastructure supports over one billion people and nearly 1.7 million customers, including some of the world’s largest companies, and underpins our product offerings.

Our operations are based on stringent global industry security standards and we maintain compliance with ISO27K, PCI, and SSAE 18 standards.

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Docusign France is listed as a qualified TSP in the Trusted List managed by the French IT Security Agency, ANSSI.

Our flagship eSignature product is designed as an always-on, geographically redundant and distributed cloud solution that runs in SSAE 18 audited data centers in the U.S.

Recognizing that our customers often depend on DocuSign for their day-to-day operations, we have provided best-in-class availability, with over 99.9% eSignature availability to our customers and users over the past 12 months.

Our company operates co-location data centers in several locations and we also leverage public cloud infrastructure for an increasing number of services.

Our flagship eSignature product is designed as an always-on, geographically redundant and distributed cloud solution that primarily runs in SSAE 18 audited data centers in the U.S.

Recognizing that our customers often depend

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on Docusign for their day-to-day operations, we have provided best-in-class availability, with over 99.9% eSignature availability to our customers and users during the year ended January 31, 2025.

We operate co-location data centers in several locations and we also leverage public cloud infrastructure for an increasing number of services, as we continue to migrate our North American and European production services from our data center hosting facilities to Microsoft Azure Cloud, a third-party cloud provider.

We believe these efforts will help better support our customers with respect to the scale, security, and availability needs of our mobile, web, and cloud-native applications.

Companies can also integrate Docusign into their systems and workflows using one of more than 1,000 active partner integrations.

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Our Customers

As of January 31, 2024, we had over 1.5 million paying customers globally, serving the needs of some of the largest enterprises and governmental organizations down to sole proprietors and individual end users.

As of January 31, 2025, we had a global base of nearly 1.7 million customers.

These customers span the entire business spectrum, from Fortune 500 enterprises and government institutions to innovative startups and individual end users.

No single customer accounted for more than 10% of our revenues in fiscal 2025.

We believe the breadth and depth of Docusign’s customer base across industry verticals, company sizes, and geographies validates the ubiquitous value Docusign creates for customers in agreement management, and creates business model strength through customer diversity.

Sales, Marketing and Customer Success

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By expanding within an organization, we believe we can generate large amounts of incremental revenue through the addition of new users and Envelopes, plan upgrades, expansions, and additional offerings to other functions or business units.

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Partner-assisted Sales :

▪ Global partners :

We have partnerships with some of the world’s foremost technology providers including Google, Microsoft, Oracle, Salesforce, SAP, and ServiceNow—that help us sell into a far greater number of accounts than we could do alone.

We have partnerships with some of the world’s foremost technology providers including Google, Microsoft, Workday, Salesforce, SAP, and ServiceNow—that help us sell into a far greater number of accounts than we could do alone.

These partnerships are multi-dimensional and involve joint investments, technology integrations, co-marketing agreements, membership in partner programs, and go-to-market commitments.

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We intend to invest further in collaborating with these partners, especially those that are creating Docusign specific practices.

▪ Independent Software Vendors (“ISVs”) :

We partner with a host of leading ISVs—including our strategic partners above as well as vertical oriented partners to help bring the power of Docusign to customers around the world.

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▪ Distributors and resellers :

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We also have partnerships with solution providers such as Deutsche Telekom and others that have expertise in specific vertical and regional markets, enabling us to add further value directly to those markets.

Digital Sales:

Through a strong presence that allows us to scale with low acquisition costs to individual users and small businesses around the world, we drive free 30-day trial and self-service solutions directly on our website, in our mobile applications and through use of our product itself.

Our digital sales engine provides direct access to account plans with functionality to suit the needs of small businesses, sole proprietors, and individuals.

Digital E-commerce Sales:

Through a strong presence that allows us to scale with low acquisition costs to individual users and small businesses around the world, we drive free 30-day trial and self-service purchase directly on our website, in our mobile applications and through use of our product itself.

Our digital e-commerce sales engine provides direct access to account plans with functionality to suit the needs of small businesses, sole proprietors, and individuals.

For the year ended January 31, 2025, digital sales accounted for 14% of our total revenue.

We anticipate this contribution will increase over time.

To support the sales team in reaching our broad range of potential customers, our integrated marketing programs address the specific needs of our different market segments.

These programs create qualified sales opportunities and raise awareness of our leadership position in the global electronic signature and agreement-technology spaces.

In addition to account-based marketing aimed directly at our high-value customers and industry-specific marketing by our industry vertical teams, we also deploy a range of other marketing strategies and tactics across the globe.

We employ a wide range of marketing channels to generate demand and engage customers throughout the world.

This includes account-based marketing aimed at our high-value customers, industry-specific marketing by our industry vertical teams, a global series of “Momentum” conferences for customers and partners and our first-ever “Docusign Discover” conference for third-party developers.

These include broader digital demand generation campaigns;

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participation in third-party events, such as Salesforce’s Dreamforce;

comprehensive customer evidence and advocacy programs;

comprehensive customer evidence programs;

developer relations programs;

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and a comprehensive webinar series, among many other things.

We also believe the ability for prospects to easily try eSignature from our website or when interacting with our product creates awareness that extends beyond the acquisition of new VSB customers.

Customer Success & Customer Support

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Both Customer Success and Customer Support offer in-depth expertise, proven best practices, and repeatable delivery methodologies designed to enhance our customers’ overall Docusign experience and ensure they achieve successful outcomes using our products.

DocuSign, Inc.| 2024 Form 10-K | 9

Human Capital Management

At DocuSign, we foster an inclusive culture that celebrates and harnesses the strength of diversity, recognizing that every individual brings unique perspectives and experiences to the table.

Our values are reflected in six pillars:

At Docusign, we foster a culture that celebrates and harnesses the strength of our people, recognizing that every individual brings unique perspectives and experiences to the table.

Our mission is to redefine how the world comes together and agrees.

We have six core values:

We are honest, ethical, and transparent with each other, our customers, and our partners.

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We foster a culture of creativity, experimentation, and continuous improvement as we pioneer the way the world agrees;

We are inclusive and share common values.

Docusign, Inc.

| 2025 Form 10-K | 9

We are a global team but share common values.

We debate and commit to executing decisions with agility and speed, working together in service of our shared mission;

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We use technology and drive awareness that can make the world healthier and more sustainable.

In addition, our mission is to redefine how the world comes together and agrees.

We are committed to delivering against these values for our employees, customers and the communities in which we live and work.

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As we continue to grow in new markets, we anticipate continuing to recruit in new geographies.

As of January 31, 2024, we had 6,840 employees, of which approximately 52% were in sales, marketing and customer success, 30% in engineering, product development and customer operations, and 18% in general and administrative.

We had approximately 67% of our employees based in the U.S.

As of January 31, 2025, we had 6,838 employees, of which approximately 63% were based in the U.S.

and the remainder in international locations.

None of our employees is represented by a labor union with respect to his or her employment with us.

None of our U.S.

employees are represented by a labor union with respect to their employment with us.

Employees in some other countries are represented by workers' councils or participate in collective bargaining arrangements at the national and/or industry level.

We have not experienced any work stoppages.

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Docusign is recognized as a company where employees can develop their careers.

During fiscal 2024, we were recognized as one of Newsweek’s Greatest Workplaces for Women in America 2023, as well as one of the Most Trustworthy Companies in America 2023.

During fiscal 2025, we were recognized as the #1 Most Trustworthy software and telecommunications Company in America 2024.

Compensation and Benefits Programs

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We also provide a range of health, savings, retirement, time-off and wellness benefits for our employees, which vary based on local regulations and norms.

Diversity, Equity and Inclusion

We believe that having diverse teams working in an inclusive environment will help us achieve better business results — across product innovation, customer experience and employee success.

DocuSign, Inc.| 2024 Form 10-K | 10

The key pillars to our diversity, equity and inclusion (“DEI”) strategy include:

• Accountability:

Senior leader accountability and engagement with DEI is key to operationalizing the work globally.

This is driven through the existence of DEI plans for every business function and owned by each member of the Executive Leadership Team.

• Transparency:

We publish employee diversity information by gender and race/ethnicity on our website to promote accountability and underscore our commitment to diversity.

In September 2023, we launched our first internal DEI and Experience report, which highlighted our three-pronged approach to DEI (A.I.M.

- Act, Include, Mobilize), workforce and workplace milestones towards progress-representation and workplace inclusion, areas of continued focus, review of external partnerships and internal programs, spotlight our Employee Resource Groups (“ERGs”) and share what is next in our journey towards an inclusive and diverse DocuSign that fosters equitable experiences for all.

We seek to increase the diversity of individual candidates applying to help us develop our products and our business.

• Candidate Experience :

We have developed specialized interview training in which employees learn how to interrupt bias and understand the importance of building diverse candidate slates and interviewer panels.

• Education :

Through management training, speaker series, and online learning, we are actively raising awareness, cultivating an inclusive culture, and building practical skills for mitigating bias.

• Community :

DocuSign’s ERGs serve as culture carriers and provide employees a way for colleagues to connect, network and build cross team collaboration.

Through our ERG program, employees are able to participate in external recruitment events to diversify our pipeline, personal and professional learning and development and give back to the community through volunteering, donation drives and awareness campaigns.

Engagement with our Communities

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We believe that this engagement with our communities is an important aspect of our company culture and brings long-term value to our stockholders, while making the world a better place.

With DocuSign IMPACT, we are committed to harnessing the power of DocuSign's people, products, and profits to make a difference in the global communities where our employees and customers live and work.

In 2018, we committed to donating at least $30 million in cash or stock to DocuSign IMPACT over the next 10 years.

In addition, the use of our products is associated with decreased paper use for our customers and we specifically donate to forest-protection and other environmental impact causes.

Since we launched DocuSign for Forests in 2019, we have donated over $2.8 million to date to organizations doing critical work to preserve the world’s forests.

With Docusign.org, we are committed to harnessing the power of Docusign's people, products, and profits to make a difference in the global communities where our employees and customers live and work.

This work is brought to life through our Docusign Foundation, Docusign Impact and Docusign for Nonprofit programs.

The Docusign Foundation is focused on environmental programs, ecosystem protection and local impact through grant funding.

To date, we have mobilized $4 million in grants to nonprofits.

We believe in promoting a culture of giving back and community support throughout our organization.

As a company, we ensure that thousands of charitable organizations have the opportunity to use our products for free or at a discount every year.

We also encourage our employees to take action in their own communities by volunteering and are proud to support their efforts by providing up to 24 hours of paid time off a year for volunteering.

Our employees have volunteered thousands of hours collectively, including at organizations promoting healthier forests, echoing our company-wide commitment to environmental savings.

Additionally, we match funds given by our employees to qualifying non-profits.

Through our Docusign Impact program, we encourage our employees to take action in their own communities by volunteering.

We are proud to support their efforts by providing up to 24 hours of paid time off a year for volunteering.

To date, our employees have volunteered more than 122,000 hours collectively, including at organizations promoting healthier forests, echoing our company-wide commitment to environmental programs.

Additionally, we match funds given by our employees to qualifying nonprofits.

To date, we have mobilized $22 million in employee donations and company match, supporting approximately 9,500 organizations.

Through our Docusign for Nonprofits program, we aim to empower organizations with the agreement platform needed to achieve their missions.

As a company, we ensure that thousands of charitable organizations have the opportunity to use our products at a discount every year.

Our Competition

Docusign, Inc.

| 2025 Form 10-K | 10

Our primary global competitor for eSignature is currently Adobe, which offers an electronic signature solution known as Adobe Acrobat Sign as well as other global software companies that have or may elect to include an electronic signature capability in their products.

We also face competition from a select number of vendors that focus on specific industries, geographies, or product areas such as contract lifecycle management and advanced contract analytics.

We believe Intelligent Agreement Management is a new software category without incumbent competitors, although elements of our IAM platform may compete with existing providers of contract lifecycle management, contract analytics workflow management, identity verification and other software solutions.

We believe the principal factors that drive competition between vendors in the future will include:

• breadth and depth of innovative product functionality (including proprietary product differentiators);

• breadth and depth of integrations with the applications and systems customers already use;

• availability and reliability;

• breadth and depth of innovative product functionality (including proprietary product differentiators and AI application innovation);

• breadth and depth of capability to holistically manage end-to-end agreement workflows in a lightweight, modern software user experience;

• ease of use and deployment;

DocuSign, Inc.| 2024 Form 10-K | 11

• level of customer satisfaction;

• brand awareness and reputation;

• breadth and depth of integrations with the applications and systems customers already use;

• availability and reliability;

• unit costs and total cost of ownership;

• level of customer satisfaction;

• ability to address legal, regulatory, and cultural matters associated with e-signature across jurisdictions.

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Intellectual Property

We own and develop significant intellectual property (“IP”) and related IP rights around the world that support our products, services, R&D, and other activities and assets.

We own and develop significant intellectual property (“IP”) and related IP rights globally, with a focus on key markets such as the United States, European Union, and Asia-Pacific.

This global strategy ensures that our products and services are protected and competitive in major international markets.

Our IP portfolio includes patents, copyrights, trade secrets, trademarks, and other rights.

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Further, our references to website addresses are only as inactive textual references.

Docusign, Inc.

| 2025 Form 10-K | 11

“Docusign,” the Docusign logo, and other trademarks or service marks of Docusign, Inc.

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We use our website, including our investor relations website at investor.docusign.com, as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.

DocuSign, Inc.| 2024 Form 10-K | 12

Docusign, Inc.

| 2025 Form 10-K | 12

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business