DocuSign, Inc. (DOCU)

DocuSign replaces a signature on paper with an electronic one — and became the household name for doing so.

A contract that used to be printed, signed and couriered is signed in minutes. The value lies not in the signature itself but in legal force and in the audit trail: the system records who opened the document and when, and courts accept it. The product is embedded in the workflows of sales, human resources and legal teams.

Growth slowed after the pandemic surge: everyone who urgently needed it has signed up, and competitors offer something similar more cheaply or bundled into an office suite. The company is building out contract lifecycle management — storage, finding obligations, renewal dates. Risks: competition and customers' shrinking headcount. The company pays no dividend.