Money, Money as NetDocuments raises US$25 million to fund DMS market growth
NetDocuments, the cloud-based document and email management systems provider, just it has secured a $25 million equity investment from Frontier Capital 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, NN, 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 SaaS/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.”
NetDocuments is currently operating in more than 140 countries and is being used in nearly 10% of the Am Law 100 law firms.