Genstar Capital, a private equity firm focused on investments in targeted segments of the financial services and other industries, announced a strategic majority investment in Docupace, a provider of software built to streamline back-office operations of wealth management enterprises and financial advisors.
The investment empowers Docupace’s next stage of growth and innovation, according to a press release.
“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 CEO David Knoch.
Knoch added, “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.”
FTV Capital, 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.
He continued, “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 grew as a platform for wealth management operations. The platform now processes more than 130,000 electronic documents each workday. In 2021, the company expanded its platform solutions with the acquisitions of jaccomo and PreciseFP.
“It has been incredible to partner with David, Michael [Pinsker] (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.”
James Miller, Contributing Editor and Research Analyst at Wealth Solutions Report, can be reached at ContributingEd@wealthsolutionsreport.com.
