DocuSign International, Inc. entered into a share purchase agreement to acquire unknown stake in Seal Software Limited from Tern Plc (AIM:TERN) and others for approximately $190 million on February 26, 2020. The consideration will be paid in cash. The purchase price excludes the value of shares currently owned by DocuSign and is subject to customary purchase price adjustments. Once the acquisition has closed, DocuSign will continue to sell Seal's analytics application. On completion, Seal will become a wholly owned subsidiary of DocuSign. It will also integrate and leverage Seal's AI technology to augment DocuSign CLM. The transaction is subject to customary closing conditions, including expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act; resignation of Seal's Directors, cancellation of warrants of Seal, termination of certain employee plans, execution of non-competition and non-solicitation agreements, and entering into a working capital escrow agreement. The transaction has been approved by the Board of Directors of DocuSign and Seal, and by the stockholders of Seal and is expected to close in the first half of DocuSign's fiscal year. The transaction is expected to be completed by second quarter of 2020. Michal Berkner, Natasha Kaye, Paula Holland, Aaron Pomeroy, Carlton Fleming, David Wraige and David Hopkins of Cooley LLP acted as legal advisors to DocuSign International. Matthew Rossiter and Ethan A. Skerry of Fenwick & West LLP acted as legal advisors to Seal Software. DocuSign International, Inc. completed the acquisition of unknown stake in Seal Software Limited from Tern Plc (AIM:TERN) and others on May 1, 2020.