Products
- Agreement Cloud: Prepare, Sign, Act, Manage
- eSignature
- DocuSign Insight/Analyzer
- Negotiate
- Contract Lifecycle Management
- Notary
Business Model
- Pricing by functionality
- Capacity Base model: pre set # of enevelops
Core Metrics
- Net dollar retention: 124%
- Revenue: 1.5B
- 96% subscription revenue
- 22% International
- Dollar weighted average contract length: 35% >= 12months
- Customers: 1.05M (+23% YoY)
- Enterprise Customer: 148k (+66% YoY)
- Customers >300K ACV: 714
Analysis
Currently valued at 51B (24x revenue), in 3 years, I anticipate Docusign revenue around $5-6B with valuation of $75-90B (~1.5x upside)