Docupace has announced a strategic investment from Genstar Capital (Genstar) that will make the latter the majority investor of the tech provider.
“Genstar’s investment is a testament to our belief that Docupace is transforming how critical work gets done in wealth management enterprises,” said Docupace CEO 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.”
According to a news release, FTV Capital will retain a minority stake following its 2020 growth investment.
“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. “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.”
Under FTV’s ownership, Docupace has grown significantly, the news release noted. On a daily basis, over 130,000 electronic documents are processed, more than 62,000 work items are completed, and nearly 10,000 new client accounts are opened using Docupace products. Further, acquisitions of jaccomo and PreciseFP in 2021 broadened the company’s capabilities in compensation, compliance, and client data gathering.
“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. “We’ve built a world-class organization that has driven consistent growth and meaningfully enhanced the Docupace platform to serve an expanding client base.”
Financial Technology Partners (FT Partners) served as the exclusive financial advisor and Gibson Dunn as legal counsel to Docupace. RBC Capital Markets served as financial advisor and Ropes and Gray as legal counsel to Genstar. The transaction is expected to close in the third quarter of 2024, pending regulatory approvals and other conditions. The terms of the transaction were not disclosed.
Docupace is one of the top filing compliance solutions RIAs trust to stay organized and compliant. Read more here.
Docupace also rebuilt its wealth operations platform around a single client record, while Focus Financial picks Nevis to bring AI to its advisors.
Consolidators handled 53% of deals through September as smaller sellers stalled amid market volatility, DeVoe & Company finds.
Shook Research has a new name and brand, Veritant, and will continue its coveted rankings of financial advisors.
The Supernova-powered lending line follows a Flourish Cash rollout as the insurer pushes private-bank-style tools to its 6,000-plus advisors
New Escalent research finds younger, more diverse DC plan participants are open to rollovers - but increasingly prefer outside firms.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
