Bain Capital, LP and Hellman & Friedman LLC are competing to acquire DocuSign, Inc. (NasdaqGS:DOCU), the provider of online signature services with a market value of about $12.5 billion, according to people familiar with the matter. The two private equity firms are among the final bidders in the auction for DocuSign, which is set to be one of the biggest leveraged buyouts of 2024, the sources said. While the investment firms have not joined forces, it is possible that they may partner down the line to clinch a deal, the sources added.

An outcome is expected in the coming weeks. Blackstone Inc. (NYSE:BX), another buyout firm, held talks about a potential deal with DocuSign but is no longer in contention, according to two of the sources. The sources cautioned that no transaction is certain and asked not to be identified because the matter is confidential.

Representatives for Bain and Hellman & Friedman declined to comment. DocuSign and Blackstone did not immediately respond to a request for comment.