The electronic signature company's shares are up just 0.2% year to date but are still nearly 16% off their all-time high reached in February.
DocuSign has been steadily growing its customer base over time, with total customers growing tenfold from 54,000 in fiscal year 2013 to 589,000 in fiscal year 2020. The pandemic helped to accelerate the company's growth last year, with a 51% year-over-year increase in total customers to 892,000. Enterprise customer growth was swifter, jumping 67% year over year from 75,000 to 125,000.
With the pandemic not easing any time soon, more people and organizations will be compelled to shift online to interact and transact. This shift should continue to bring in more business for DocuSign as businesses shed antiquated methods of processing legal documentation to adopt a more efficient, cloud-based one. On its part, DocuSign has also introduced new services such as its remote online notarization solution to help companies to notarize agreements virtually.
Meanwhile, DocuSign continues to partner with other businesses to roll out its suite of product offerings. Its latest collaboration is with Avetta, a provider of supply chain risk management software, to incorporate legal risk compliance into its electronic signature service. The 100,000 suppliers in Avetta's network can now execute their agreements more seamlessly while achieving legal compliance, saving time and effort for both clients and suppliers.
The company has also launched its operations in Mexico in late April as part of its international expansion plans. It aims to assist real estate companies in digital transformation through the adoption of the company's DocuSign Agreement Cloud suite of applications. By modernizing their agreement processes, these businesses can then save time and money.