US private equity house Serent Capital has bought a minority stake in compliance and documentation tech business Docutech.
The firm said its investment would help Docutech grow among financial institutions, in addition to it providing guidance on product development, sales and marketing strategy, and leadership.
Serent said it was the strong leadership and product mix at Docutech which proved a key factor in deciding to make the investment.
Lance Fenton, partner at Serent Capital, said, “Docutech has spent 25 years establishing itself as the leading provider of compliance and document solutions in the market.
“They have built a strong reputation for excellence and high customer satisfaction, and we will leverage our expertise and capital to help lay the foundation for another two decades of success and growth.”
Docutech, which was founded in 1991, offers services ranging from document generation and imaging support to e-delivery, digital signatures and print fulfillment.
Serent Capital II was significantly oversubscribed, exceeding its original target of $300m, and brought the San Francisco-based firm’s total capital under management to $600m.
Serent Capital I, which counts Harvard Management Company, Adams Street Partners, Hewlett Packard Pension Fund, Horsley Bridge Partners among its investors, closed 25 per cent above target in April 2008 on $250m.
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