NetDocuments Secures $25 Million Investment From Frontier Capital
PRNewswire — NetDocuments, the leader in cloud-based document and email management, announced a strategic partnership with Frontier Capital, securing a $25 million equity investment to accelerate NetDocuments' increasing growth across the legal market.
"It's exciting to see the rate of adoption increase in recent years as law firms begin to move from traditional, server-based document management to what most now view as the modern document management platform," said Ken Duncan, CEO, NetDocuments. "The partnership and investment with Frontier will allow us to not only continue our growth with a high degree of customer service, but also provides us with the resources to capture a considerable portion of the market, as firms increasingly decide to switch to the cloud."
Frontier, based in Charlotte, N.C., is a growth equity firm focused exclusively on investing in software and technology-enabled business service companies in areas with significant entrepreneurial activity but minimal local capital.
"NetDocuments is exactly the type of company in which we aim to invest – a sturdy technology business growing at a strong rate into an emerging market, with a quality management team we know and trust," said Michael Ramich, partner, Frontier. "As our research shows, NetDocuments is the only pure play software-as-a-service provider of document management in the legal industry, which is just beginning to realize the benefits of cloud computing. With our investment, NetDocuments is poised to further capitalize on this new trend within law firms and should grab significant market share in the months and years ahead."
This investment represents Frontier Capital's confidence in the market and NetDocuments' ability to accelerate the growth across the legal industry. The boost in capital will build on a successful sales and marketing strategy that will continue to penetrate NetDocuments' core market and exploit the robust features of a true SaaS document management service. NetDocuments is currently operating in more than 140 countries and is being used in nearly 10 percent of the Am Law 100 law firms. This investment will ensure that NetDocuments has the resources and talent to keep up with the adoption of its cloud-based technology.
"We've seen the document management industry go through dramatic changes over the last decade and a half, and we've been fortunate to be at the forefront with technology that is truly challenging the status quo," noted Alvin Tedjamulia, CTO, NetDocuments. "We've built a solid technology delivered as a service, and we're seeing more and more firms take advantage of the value this SaaS platform has to offer over the traditional model. Frontier's investment in NetDocuments will better enable us to work with the rapidly increasing number of law firms that are leaving the complexity of traditional document management systems in favor of the agility and simplicity of NetDocuments."
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