How does Docusign make money?

I'm curious about this little software company... so let's see how they make money!

From their 2025 annual report, they have two core offerings:

• Intelligent Agreement Management ("IAM") platform

• Contract Lifecycle Management ("CLM") solution

To breakdown what each offering does:

• IAM (eSignature core)

  • High volume, lower price per customer

  • Entry point into ecosystem

• CLM (Contract Lifecycle Management)

  • Enterprise-focused

  • Higher ACV (annual contract value)

  • Stickier + longer sales cycles

(one cool thing I saw in the product demo for IAM is that they are advocating using AI to write contracts -- I could see that being a really strong solution. Definitely will want to check that in the growth strategy section of research)

I was really surprised by their lack of customer concentration, which is a good thing:

• they have 1.7 million customers

• no customer accounts for >10% of revenue

• number of customers with >$300k ARR is 1,131, up from 1,060 last year

97% of their revenue is subscription based + they use a land and expand sales model.

Sentiment: bullish, but I need to assess their durability as I continue researching