The DocuSign website is seen on a laptop in Dobbs Ferry, New York, April 1, 2021.
Tiffany Hagler-Geard | Bloomberg | Getty Images
DocuSign announced Tuesday it will cut 6% of its workforce as part of a restructuring plan that aims to improve the company’s “financial and operational efficiency,” according to a release.
The company said the majority of the employees impacted by the layoffs will be within its sales and marketing organizations. DocuSign employs 7,336 workers according to its most recent filing with the U.S. Securities and Exchange Commission, which means the cuts will affect around 440 jobs.
Shares of DocuSign tumbled more than 6% in premarket trading Tuesday.
DocuSign said the restructuring plan will be largely complete by the end of its second fiscal quarter of 2025, according to the release. The company added that it expects to “meet or exceed” its fourth-quarter and fiscal year 2024 guidance that it outlined in a release in December.
The company said it will share more details about the restructuring when its fourth-quarter results are released.
In January, shares of DocuSign soared on reports that Bain Capital and Hellman & Friedman were competing to buy the online signature provider. But talks between the firms and the company have reportedly stalled over deal price disagreements, Reuters reported Monday.