What happened
DocuSign's (DOCU 1.02%) week got off to a roaring start on Monday, with its stock zooming almost 5% higher on the day. Once again, the online document security specialist was tipped as a top company in the contracts field.
So what
On Monday morning, DocuSign announced that it was named as a leader in this year's edition of the Magic Quadrant for Contract Lifestyle Management (CLM), an annual analysis from influential market research company Gartner.
CLM is a formal term for the life of a contract, from initiation through compliance and (if applicable) renewal.
Gartner's bestowing of the CLM leader title on DocuSign is nothing new. The latter company didn't hesitate to point out that this is the third consecutive year it has been tagged with the designation. The researcher selected five contract management services vendors as leaders out of the 18 companies covered in the report.
DocuSign is certainly being put on a pedestal, as Gartner described industry leaders as companies that "demonstrate a market-defining vision for how CLM technology can help companies achieve the business objectives of managing compliance and reducing process bottlenecks."
"Leaders can execute against that vision through products and services, and have demonstrated business results in the form of revenue and earnings," the company added.
Now what
DocuSign absolutely needs the good news and positive publicity. The company's shares have been battered by the broad tech stock sell-off that has been in force for months now. In the mid to long term, this probably won't move the needle on DocuSign much, but it does help support the company's generally good reputation.
