Salesforce and Microsoft AI agents now draft contracts, but DocuSign's two distribution deals name no price
DocuSign's agreement platform now runs inside Salesforce's agents and, as a plugin, inside Microsoft's new legal Copilot. The shares hit a 52-week high on two distribution deals that carry no disclosed price.
Richard Tang · 2 min read
Contract work crossed into the AI agents this month, and the market paid DocuSign−4.33% — DocuSign, down 4.33 percent today for it before anyone disclosed a price. Shares of DocuSign (Nasdaq: DOCU) rose about 9% after the October 13 announcement that its Intelligent Agreement Management platform runs natively inside Salesforce's−2.94% — Salesforce, down 2.94 percent today software, closing the week a step below their 52-week high 12. The capability shift is real; the payment to DocuSign is still an assumption.
The contract work really is moving to the agents
In Agentforce, Salesforce's agent platform, a seller can ask for a contract in conversation and send it from the same screen; in Slack, Salesforce's chat tool, a team can pull live customer and pricing data, apply approved terms and route the draft to legal in one thread 14. Three days later Microsoft−2.35% — Microsoft, down 2.35 percent today shipped Copilot for Legal, a set of more than 20 skills that draft agreements, propose redlines in Word's tracked changes and track obligations across contracts 5. Microsoft's own senior counsel says Copilot now handles his first-pass review in minutes 5. Drafting and review are becoming agent calls rather than person-hours.
The platform that runs the agent keeps the customer
One level up, the money changes hands. When an agent owns the workflow, the platform running it owns the customer, the interface and the price; the rest becomes a service the agent calls. DocuSign saw this coming, opening its agreement server to every AI agent in September, with CEO Allan Thygesen calling it "the essential agreement layer for any platform's agent" 7. Its two newest distribution channels, though, are the platforms building that work themselves: Agentforce generates the contract, Copilot drafts and reviews it, and DocuSign enters Microsoft's stack as one plugin partner among many, supplying the e-signature 56. OpenAI, Anthropic and Google all shipped their own legal-agent moves this year 5. Neither DocuSign nor Salesforce has said what customers will pay, or how many use both 4.
The receipts have not arrived
DocuSign's revenue has grown in single digits for ten straight quarters 9. The July quarter's 9.4% was the fastest of them 3.
Ten straight quarters of single-digit growth
Data
| Revenue | |
|---|---|
| Q1 '24 | $709.64M |
| Q2 '24 | $736.03M |
| Q3 '24 | $754.82M |
| Q4 '24 | $776.25M |
| Q1 '25 | $763.65M |
| Q2 '25 | $800.64M |
| Q3 '25 | $818.35M |
| Q4 '25 | $836.86M |
| Q1 '26 | $830.24M |
| Q2 '26 | $875.75M |
The shares now sit above the $71.00 average analyst target Zacks tracks 3. They trade at 47 times trailing earnings, well above their five-year norm 8. Insiders sold $23.1 million of stock over the past year with no reported buying 8. DocuSign reports on December 3, and a deal announced mid-quarter with no disclosed price cannot carry that print 34.
The shares already sit above the target and the model value
Data
| Value | |
|---|---|
| Zacks average target | $71 |
| GuruFocus GF Value | $76.47 |
| Share price | $77.52 |
Agents writing the contracts is the settled part. Who collects for the work is the wager, and a 52-week-high price has already been paid for the answer.
Deepdive
AI-generated from this story and its cited sources. Not investment advice.
