Chicago sales software startup SpringCM is being acquired by DocuSign, a San Francisco-based electronic signature company, for $220 million, the companies announced Tuesday.
SpringCM, founded in 2005, makes cloud software that helps companies manage sales contracts and other types of documents across desktop and mobile platforms.
It raised more than $127 million in venture capital funding, according to Crunchbase, with its most recent round closing in 2017 when it raised $25 million from Crestline Investors. SpringCM’s clients include companies like oil and gas company Shell, Salesforce, Adobe and Facebook.
DocuSign, which was also one of SpringCM’s clients, said acquiring the startup’s tech will allow it to broaden its services beyond just e-signatures. DocuSign will now be able to provide services that facilitate the rest of the agreement process, from preparing to sign and managing documents. The deal is expected to close in the third quarter of this year, according to a SpringCM spokesperson.
DocuSign has no plans at this time to change the SpringCM brand and the startup will continue to operate under its current name in its Chicago office.
"SpringCM shares DocuSign's passion for transforming and automating the foundation of doing business—the agreement process," said SpringCM’s CEO Dan Dal Degan in a statement. "By joining forces with the market leader, we can continue to simplify and accelerate the process of doing business, and drive innovation both before and after agreements have been DocuSigned."
SpringCM's acquisition is just the latest in a slew of Chicago startup exits taking place recently. Earlier this month, Chicago-based human resources software startup HighGround was acquired for an undisclosed amount by Austin-based YouEarnedIt, and Champaign, Ill.-based Agrible was acquired by agriculture company Nutrien for $63 million.
In June, LearnCore was acquired by Belgium-based sales enablement platform Showpad for $50 million. Additionally, meal kit delivery service Home Chef was acquired by Kroger in May for $200 million.
