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.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
