San Francisco-based SaaS company DocuSign has announced a major shuffling of its board in the wake of a successful IPO.
According to the announcement, three venture capitalists, Jonathan Roberts, Scott Darling and Rory O’Driscoll will be dropping off the board. These three will be replaced by CEOs with extensive experience in the SaaS sector: GoDaddy CEO Blake Irving. IBM Watson general manager Inhi Cho Suh and Docker CEO Steve Singh.
Founder Tom Gonser and Chairman Keith Krach will be stepping down as well.
A statement made by current Docusign CEO Dan Springer alluded to the new executive’s experience in AI and Big Data as big reasons for the planned transition and major assets for the future of the company.
According to the plan stipulated in the company’s announcement, Roberts, O’Driscoll and Darling will leave at the end of August. Gonser and Krach will depart from the board at the end of 2018.
Prior to DocuSign’s April IPO, Springer and the executive team remained committed to a steadfast strategy of building key internal performance indicators before rushing to go public. Sheridan attributed that commitment to improving balance sheets, forging relationships with larger enterprises and greater international expansion as keys to the company’s successful IPO.
The company, which provides electronic digital technology and digital transaction management services, reported $518.5 million in revenue for fiscal 2017 by cutting operating net margins and boosting free cash flow to the point of becoming profitable. Looking forward, DocuSign plans to use the $629 million it raised on its IPO to grow and acquire new tech, similar to its acquisition of machine learning company Appuri in 2017.
DocuSign was founded in Seattle in 2003. The company has since relocated its headquarters to the San Francisco Bay Area and currently employs over 2,000 people in 13 offices on 5 continents.
Of the three initial founders of Docusign, only Gonser had maintained a small stake in the company. He currently holds a position as a venture capitalist at Seven Peaks Ventures, based in Bend, Oregon.