The numbers were right. The year was wrong.
The cohort data is real, and the board believes it. So does the activist, who says the company that should own this outcome is one that didn't spend 2026 on add-ons. You're replaced in April. The new CEO sells to Microsoft in October for less than the 2027 offer.
The Acquirer: Docusign Agent will live on as the agreement skill inside Copilot. We kept the brand. It's on a slide.
You saw it. You moved a year late, after the add-on had spent the board's patience and the counterparties' trust. The cost of the right answer was the year you spent on the comfortable one.
One path that gets here
A · Iris in every envelope. Price the agents as an IAM add-on, on top of seatsC · Pivot hard: become the agent. Kill seat pricing for new customersA · Make the case with cohort data: agent customers expand 3x and churn at a third the rate