Investment Empowers Next Stage of Growth and
Innovation for Leading Software Platform Focused on Digitizing
Wealth Management Operations
HOLMDEL,
N.J., July 23, 2024 /PRNewswire/
-- Docupace, a leading provider of software to streamline
back-office operations of wealth management enterprises and
financial advisors, today announced a strategic majority investment
from Genstar Capital ("Genstar"), a leading private equity firm
focused on investments in targeted segments of the financial
services, software, industrials and healthcare industries.
![Genstar Capital Makes Strategic Majority Investment in Docupace Genstar Capital Makes Strategic Majority Investment in Docupace](https://mma.prnewswire.com/media/2466524/Docupace_Technologies_Genstar_Capital.jpg)
"Genstar's investment is a testament to our belief that Docupace
is transforming how critical work – new account opening, client
onboarding, workflow, compliance, compensation, advisor
transitions, data gathering and client engagement – gets done in
wealth management enterprises," said Docupace Chief Executive
Officer David Knoch. "We are
excited to welcome Genstar as a strategic investor as we further
improve the operational experience for clients, financial advisors,
their staff, and home office team members. This recapitalization
positions Docupace to continue leading the back-office revolution
and to seize the substantial growth potential that lies ahead."
This significant investment makes Genstar the majority investor
of the fast-growing technology innovator. FTV Capital ("FTV"),
which made a growth investment in the company in 2020, will remain
a minority investor in Docupace.
"We've been following Docupace's transformation for several
years, and we are proud to partner with Docupace and its management
team on the next chapter of growth," said Sid Ramakrishnan, Director at Genstar
Capital. "The wealth management ecosystem is highly and
ever-increasingly complex, and firms need scalable operations that
serve financial advisors and their clients. Docupace has a proven
track record of delivering purpose-built software solutions that
transform the operations of the back-office. We look forward to
partnering with David and his team to advance Docupace's platform
and accelerate growth, both organically and inorganically, and to
continue delivering value to clients."
Under FTV's ownership, Docupace has grown into the leading
platform for wealth management operations. Each workday,
more than 130,000 electronic documents are processed and
delivered, more than 62,000 work items are completed and
nearly 10,000 new client accounts are opened using Docupace
products and solutions. With the acquisitions of jaccomo and
PreciseFP in 2021, the company expanded its platform solutions into
compensation, compliance, and digital client data gathering,
respectively.
This transformation has generated significant accolades and
attention. In the first half of 2024, Docupace was named Best
Onboarding Product by WealthTech Americas; won gold, silver and
bronze at the 2024 Stevie Awards, and was named finalist twice –
Best-as-a-Service Solution at the Banking Tech USA Awards and WealthTech of the Year at the
2024 InvestmentNews Awards.
"It has been incredible to partner with David, Michael (founder)
and the team on Docupace's momentous journey of growth and
transformation," said Robert
Anderson, partner at FTV Capital. "Over the last four
years, we've built a world-class organization that has driven
consistent growth and meaningfully enhanced the Docupace platform
to serve an expanding client base. Docupace has become synonymous
with the 'digital back-office' across the wealth management
landscape, and we can't wait to celebrate many more exciting
milestones in the years ahead."
Financial Technology Partners (FT Partners) served as exclusive
financial advisor and Gibson Dunn served as legal counsel to
Docupace. RBC Capital Markets served as financial advisor and Ropes
and Gray served as legal counsel to Genstar. The transaction is
expected to close in the third quarter of 2024, subject to the
receipt of regulatory approvals and the satisfaction of other
closing conditions. The terms of the transaction were not
disclosed.
About Docupace
Docupace is a solutions provider
focused on digitizing and automating operations in the financial
advice and investment industry. Financial services firms use the
Docupace Platform (a cloud-based, integrated software suite) to
reduce back-office expenses, improve efficiency, strengthen
recruiting, and enhance the experience of advisors and investors.
With headquarters in Holmdel, New
Jersey, Docupace is proud to serve some of the largest
independent broker-dealers and registered investment advisers
(RIAs) in the financial services industry.
For more information, please visit www.docupace.com.
About Genstar Capital
Genstar Capital (www.gencap.com)
is a leading private equity firm that has been actively investing
in high-quality companies for over 30 years. Based in San Francisco, Genstar works in partnership
with its management teams and its network of strategic advisors to
transform its portfolio companies into industry-leading businesses.
Genstar currently has approximately $49
billion of assets under management and targets investments
focused on targeted segments of the financial services,
industrials, software, and healthcare industries.
About FTV Capital
FTV Capital is a sector-focused
growth equity investment firm that has raised $6.2 billion to invest in high-growth companies
offering a range of innovative solutions in enterprise technology
and services and financial technology and services. FTV's
experienced team leverages its domain expertise and proven track
record in each of these sectors to help motivated management teams
accelerate growth. FTV also provides companies with access to its
Global Partner Network®, a group of the world's leading enterprises
and executives who have helped FTV portfolio companies for two
decades. Founded in 1998, FTV Capital has invested in over 140
portfolio companies, including Derivative Path, EBANX, Masttro,
Patra, True Potential and Vagaro, and successfully exited/partially
exited companies including Centaur (acquired by Waystone Group),
Enfusion, Globant, InvestCloud (recapitalized), Strata Fund
Solutions (acquired by Alter Domus),
Tango Card (acquired by Blackhawk Network) and VPay (acquired by
Optum). FTV has offices in New
York, San Francisco,
Connecticut and London.
For more information, please
visit www.ftvcapital.com and follow the firm
on LinkedIn.
Media Contacts:
For Docupace
Ryan George
Chief Marketing Officer
ryan_george@docupace.com
Joseph Kuo / Donald Cutler
Haven Tower Group
jkuo@haventower.com / dcutler@haventower.com
For Genstar
Chris Tofalli
Chris Tofalli Public Relations
914-834-4334
chris@tofallipr.com
For FTV Capital
Josh Hess
Prosek Partners on behalf of FTV Capital
646-818-9291
Pro-ftvcapital@prosek.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/docupace-announces-strategic-majority-investment-from-genstar-capital-302203222.html
SOURCE Docupace Technologies, LLC