DocuSign to cut 6% jobs in restructuring exercise
As per the company, majority of workers impacted by the latest job cuts will be within its sales and marketing organisations.
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SAN FRANCISCO: US-based e-signature software company DocuSign has announced to lay off around 6 per cent of its workforce as part of its restructuring plan.
As per the company, majority of workers impacted by the latest job cuts will be within its sales and marketing organisations.
According to its most recent filing with the US Securities and Exchange Commission (SEC), DocuSign employs 7,336 people, meaning the cut will affect around 440 people.
"The company expects that the majority of the restructuring charges will be incurred in the first quarter of fiscal 2025, and that the execution of the restructuring plan will be substantially complete by the end of the second quarter of fiscal 2025," DocuSign said in the press release.
Moreover, the company noted that it will incur approximately $28 to $32 million in non-recurring restructuring charges 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.
The online signature provider also said that it will share more details about the restructuring when its fourth-quarter results are released.
In February last year, DocuSign laid off about 10 per cent of its workforce as part of the restructuring plan.
About 700 employees were impacted by the job cuts, reports CNBC.
At the time, DocuSign stated that it announced layoffs in order to support the company's growth, scale, and profitability goals.