DocuSign Cutting 700 Workers in Latest Layoffs Amid Restructuring

DocuSign is initiating layoffs impacting 10% of its workforce or about 700 employees.

DocuSign announced the layoffs in a filing with the U.S. Securities and Exchange Commission (SEC). According to CNBC, the E-signature software company had 7,461 employees in January 2022. That was before layoffs last September that impacted 9% of its workforce.

The latest DocuSign layoffs are part of a restructuring plan “designed to support the company’s growth, scale and profitability objectives.”

The layoffs are taking place in DocuSign‘s worldwide field organization.

DocuSign sent us the following statement:

“This action allows us to reshape the company to more effectively position us for profitable growth, while freeing up resources for investments. We remain confident in the long-term strength of our team and our business.”

DocuSign wouldn’t comment further because it’s now in a quiet period.

DocuSign Layoffs Now Under Way

“The company currently estimates that it will incur charges of approximately $25 to $35 million in connection with the restructuring plan, consisting primarily of cash expenditures for employee transition, notice period and severance payments, employee benefits and related costs, as well as non-cash expenses related to vesting of share-based awards,” DocuSign said in its SEC filing.

DocuSign will incur most of the restructuring charges in the first quarter of its fiscal 2024, which began this month. And it will complete its restructuring by the end of the second quarter of fiscal 2024.

More than 20 companies doing business in the channel have cut workers since the start of the year. During the past several days alone, Dell Technologies, Secureworks, Zoom, GitHub and Twilio have announced layoffs, in all impacting thousands of workers.