DocuSign Inc. expects to lay off about 10% of its workforce in a bid to improve its “growth, scale and profitability objectives,” the company disclosed in a Thursday morning filing with the Securities and Exchange Commission.
The company, which makes e-signature technology, anticipates that it will incur about $25 million to $35 million in charges related to its restructuring efforts. DocuSign
expects to take the bulk of these charges in the first quarter of its 2024 fiscal year and says that the restructuring plan will likely be complete by the end of the second quarter.
The layoffs will primarily affect DocuSign’s “worldwide field organization,” the filing said.
The company had 7,461 total employees as of Jan. 31, 2022, according to its most recent 10-K filing. About two-thirds of employees at that time were in sales, marketing or customer-service roles.
DocuSign joins a long list of technology companies looking to trim headcount in the current economic climate. Others in the software sector include Salesforce Inc.
and Splunk Inc.
See more: More than 105,000 tech-sector employees have lost their jobs since the start of 2023
Shares of DocuSign were off nearly 2% in premarket trading Thursday.