Could you please comment further on why you exited your position in DocuSign?
Hi Hashir,
Fair question. Up to now, Docusign is relying almost totally on its digital docusigning. They have a lot of other stuff they are trying to get going, but they have either been held back by Covid, or the revenue coming in from these has been too little to move the needle. They have been growing revenue very well on signing documents, but they have pretty much already conquered the world already on that and become a world-wide standard. Sure, I know that they are pushing international, but there are a limited number of people and companies in the world who need digital signing. So in holding Docu we are holding what is currently a one-trick pony, which is doing very well now, and probably for several more quarters, but after that we are relying on hope that their new products will work. There is simply no evidence yet either pro or con. I’d rather add to what is already happening (ZoomInfo, Zscaler, Lightspeed, etc), than keep my money on “hope”.
I hope that you realize that what I wrote means that if Docusign’s future products take off it will continue to do well, but realize that their Docusign revenue, which will flatten out, is so huge that it will take quite a while for the other products to be able move the total percentage growth in a big way (if at all).
Saul