Docupace Announces Strategic Majority Investment from Genstar Capital

Investment Empowers Next Stage of Growth and Innovation for Leading Software Platform Focused on Digitizing Wealth Management Operations

Holmdel, NEW JERSEY – July 23, 2024 – 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’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 (NYSE: ENFN), Globant (NYSE: GLOB), 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