The back-office software provider Docupace has new financial partners. The Homel, New Jersey-based fintech firm announced a “strategic majority investment” from Genstar Capital, a firm known for its investments in financial services, software, industrials and healthcare industries, according to the press release. Genstar’s other notable wealth management and fintech investments include Apex Group, ACA Group, Cerity Partners, Cetera Financial Group, Mercer Advisors and Orion.
“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 David Knoch, Docupace CEO in the press release. “This recapitalization positions Docupace to continue leading the back-office revolution and to seize the substantial growth potential that lies ahead.”
Sid Ramakrishnan, Director at Genstar Capital, added, “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.”
The company also announced that FTV Capital (“FTV”), which made a growth investment in the company in 2020, will remain a minority investor.
Under FTV’s ownership, Docupace has grown into the leading platform for wealth management operations. According to internal data 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 each workday. With the acquisitions of jaccomo and PreciseFP in 2021, the company expanded its offerings into compensation, compliance, and digital client data gathering, respectively.
“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,” said Robert Anderson, partner at FTV Capital, in a statement.
The terms of the transaction were not disclosed and is expected to close in the third quarter of 2024, subject to regulatory approvals and other closing conditions.
