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DocuSign (DOCU), a leading electronic signature and cloud services provider, will lay off nearly 700 employees as part of a restructuring plan, amid growing big tech downsizing.
The company with 7,450 employees on its rolls, hopes to power further growth with the retrenchment of about 10% of the company’s staff across its worldwide organization.
The company said in a recent SEC filing that it estimates incurring most of the restructuring plan execution charges of about $25 million to $35 million in the first quarter of fiscal 2024.
The San Francisco, California-based company disclosed a substantial part of the restructuring plan will be completed by the second quarter of next year.
Founded in 2003, DocuSign achieved $2.1 billion in revenue in fiscal 2022 incurring a net loss of $69.98 million.
Among the tech giants that have shed headcount are Microsoft and Google.
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