Electronic-signature firm DocuSign had cut 9% of its staff in September. It had just under 7,500 employees as of the end of January 2022.
Tiffany Hagler-Geard/Bloomberg
DocuSign
is reducing staff by about 10% as part of a broader restructuring plan, the electronic-signature firm disclosed in a securities filing on Thursday.
The job cuts at DocuSign (ticker: DOCU) are the latest in a long list of technology companies that have lately been cutting staff in the face of slowing macroeconomic growth and overexpansion during the pandemic period. What makes this one a little more unusual is that this is DocuSign’s second round of cuts—the company had announced a 9% workforce reduction in September.
DocuSign had just under 7,500 employees as of the end of the January 2022 fiscal year, according to data filed with the Securities and Exchange Commission.
DocuSign said it expects to take $25 million to $35 million in charges in connection with the plan.
The electronic-signature market expanded dramatically during the pandemic, with many people working from home, and most offices closed, but growth moderated as business conditions normalized. As the company grappled with shifting business conditions, DocuSign last June announced the departure of CEO Dan Springer. In September, the company named Allan Thygesen, a former exec of
Alphabet
‘s (GOOGL) Google unit, as CEO.
DocuSign shares are 0.6% higher, at $65.87.
Write to Eric J. Savitz at eric.savitz@barrons.com
Credit: marketwatch.com