Docupace, a cloud-based digital operations software for wealth management firms, has secured a majority equity investment from FTV Capital, a sector-focused equity investment firm.
Docupace said that the investment enables the firm to expand its product and service offerings to its broker-dealer, registered investment adviser (RIA) and insurance firm customers, as well as with the financial advisors affiliated with these companies.
“The investment and leadership FTV Capital brings to the company will help Docupace accelerate its client-centric initiatives of expanding its capabilities and support, advancing product development and continuing their thought leadership in automating the ways front and back-offices operate, communicate and generate new business,” the company said.
Docupace also announced the appointment of David Knoch, former president of 1st Global, to the role of chief executive officer, effective immediately.
The company said that as president of 1st Global, a research and consulting partner to CPA, wealth management and tax planning firms, Knoch grew revenue and profitability margins by more than 50 percent, grew assets under management by 154 percent and transformed recurring revenue from 55 percent to 81 percent of total revenue.
Additionally, he developed investment advisory programs and technologies, growing assets under management from $900 million to $10 billion over 14 years, a 17.1 percent annual growth rate. Most recently, Knoch led the sale of 1st Global to Blucora.
Knoch also served as the 2019 chairman of the board for the Financial Services Institute (FSI).
“We are excited by the innovation taking place across the wealth management landscape and Docupace’s commitment to reducing paper and increasing back-office automation,” said Robert Anderson, partner at FTV Capital. “At FTV, we are passionate about the future of digitization and the crucial role it plays in empowering financial advice providers and the firms that serve them, especially in an era when organizations need to be more flexible in enabling remote work solutions, and more immediately responsive to client needs in the face of market uncertainty.”
Alongside existing board member Michael Pinsker, Docupace’s board of directors has been modified to encompass David Knoch, as well as Rob Anderson, Brad Bernstein and Adam Hallquist from FTV Capital.
Former Docupace chief executive officer Mark Tapling will remain with the company for an interim period during the transition of leadership. Docupace founder Michael Pinsker, will serve as president of the firm.
Docupace’s platform includes client and advisor onboarding, document management, standardized workflows, approval processes, and compliant storage.
FTV Capital is a growth equity investment firm that has raised more than $3.7 billion to invest in high-growth companies offering a range of solutions in three sectors: enterprise technology and services, financial services, and payments and transaction processing.