DocuSign (NASDAQ:DOCU) shares surged as much as 12.5% on Friday, marking the most substantial intraday gain since June.
The stock price boost follows a Wall Street Journal report stating that the company is in the early stages of exploring a sale. The report cited people familiar with the situation.
Accordingly, the e-signature company is working with advisers on this matter. Bidders could include private equity and technology firms.
"While there is no guarantee that a deal will be reached, this announcement could attract interest from other strategic/financial players," analysts at Jefferies said.
"Although DOCU has made progress building out its suite, we believe LT it would be fit better as part of a broader platform."
Based on yesterday’s close price of $56.12, DOCU had a market cap of about $11 billion.