LOS ANGELES, CA, Docupace Technologies, a leading financial tech, digital compliance and cyber security company, announced that it has raised $16.5 million in capital from Palisades Growth Capital and TVC Capital.
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The funds will be used to fuel the company's long-term growth plans. Paul D'Addario from Palisades Growth Capital and Jeb Spencer from TVC Capital will join the Board of Directors of Docupace.
The financing will assist Docupace in implementing the company's core cyber-secure, paperless and compliant Straight-Through Processing for financial services firms. Docupace will also continue to implement its newer suite of products and services, some of which include cyber security services, alternative investment processing, and compliant and paperless advisor transition processing.
'Docupace is on a long-term growth trajectory,' said Michael Pinsker, founder and CEO of Docupace. 'In the past 18 months we have innovated with new products, strengthened our market-share and supplied quality products and services to our clients. We are now independent and have the funds needed to propel us forward. We are excited about our mission to help transform the financial services industry into one that's efficient, compliant and cyber-secure. We are also very pleased to have added seasoned software and technology professionals to our Board of Directors. '
TVC Capital is a San Diego-based growth equity firm focused on software investments and acquisitions, and Palisades Growth Capital is a growth stage technology investment firm based in Los Angeles.
'We are delighted to have the opportunity to partner with Docupace given their formidable position in their industry, their high level of customer satisfaction and the mission critical nature of their product offering. We are very enthusiastic about the company's long term product roadmap and plans to continue to provide innovative solutions,' said Jeb S. Spencer, Managing Partner of TVC Capital. 'Docupace has a history of resilience and innovation. They have supported their customers in the highly-regulated financial services industry in unprecedented ways and we saw a unique opportunity to help fuel their continued success.'
'As a Southern California-based firm, we are particularly interested in how Los Angeles financial tech company Docupace has managed to help bring financial services firms into the 21st Century,' said Paul D'Addario, Managing Partner of Palisades Growth Capital. 'Our deep understanding of technology companies has convinced us that Docupace's independence presented a tremendous opportunity for us to assist them with further growth.'
About Docupace Technologies
Based in Los Angeles, Docupace is a premier provider of secure and federal and state law compliant electronic processing platforms for financial institutions and the wealth management industry. The company pioneered and implemented SEC/FINRA compliant Straight-Through-Processing (STP) technology for the financial services industry. The company's document management and workflow solutions simplify the process of capturing, organizing, routing and accessing information. Docupace was first-to-market with patent-pending technologies that serve the largest financial service providers and their advisors who, driven by increased levels competition, privacy issues, document protection and government regulation, are adopting the company's document management and workflow solutions in order to sustain profitability and audit-risk assurance. As a leading provider of cyber security services, Docupace also helps broker-dealers and financial services firms become cyber secure by assessing vulnerabilities, correcting potential gaps, and providing ongoing monitoring. For more information, visit docupace.com.
About TVC Capital, LLC:
TVC Capital is a San Diego-based growth equity firm with over $235 million under management. TVC is focused on investments in and acquisitions of business critical software firms. TVC targets a wide spectrum of software sectors and industry verticals that are poised for growth and consolidation. The TVC team is led by operating executives with more than 80 years of experience growing technology companies into market leaders. Current and past investments include Accordent Technologies, Levels Beyond (Reach Engine), Del Mar Datatrac, Limeade, LiquidPlanner, MediaPlatform, Mercent, Centage, Celigo and ReverseVision. For more information, visit www.tvccapital.com.
About Palisades Growth Capital:
Palisades, based in Los Angeles, with over $180 million under management makes growth stage investments in technology, media & telecommunications and business services sectors, encompassing a wide variety of industries including healthcare, consumer/retail, environmental services, financial services and manufacturing services. Palisades makes significant minority structured preferred equity investments in growth stage companies with proven products, solid management teams, with established revenues that are primarily based in Southern California and the Western US. The investment in Docupace was made from the firm's second fund. Current and past investments include: Apacheta, Akana, Language Weaver, Lucix, MegaPath, Omneon, Peregrine Semiconductor, Polaris Wireless, Visage and XAD. For more information, visit www.palisadesgrowth.com