NetDocuments appoints new CEO + backgrounder
NetDocuments, a provider of cloud-based document and email management, has appointed Matt Duncan as its new chief executive officer. NetDocuments recently announced a $25 million investment from Frontier Capital to capture market share in the legal technology industry, and Mr. Duncan has been chosen to lead the company in its future growth efforts.
Matt Duncan has been with NetDocuments for over 10 years, serving in a variety of positions including sales, management, and business development, most recently, serving as the General Manager for the UK/EMEA region. As the General Manager, he was able to establish regional datacenters and implementation teams in the United Kingdom, further expanding NetDocuments’ international efforts.
“The legal technology landscape is seeing dramatic shifts towards cloud-based applications, specifically document management, and increasingly, firms are moving towards NetDocuments cloud-based service over traditional, legacy-based systems in order to enhance technology and modernize business operations,” said Duncan. “Frontier Capital’s investment is a validation of the opportunity NetDocuments has to capitalize on gaining market share in the coming years.”
Background: Utah-based NetDocuments was founded in 1999 by Ken Duncan, his brother Lee Duncan and Alvin Tedjamulia after selling their previous company SoftSolutions. SoftSolutions is the grandaddy of all document management systems and at one time held over a 50% share of the global DMS market. It was first acquired by WordPerfect, which in turn was acquired by Novell, which is when the three founders departed. (Novell subsequently sold the WordPerfect business to Corel.) Ken Duncan was the original CEO of NetDocuments, Alvin Tedjamulia is the CTO and Lee Duncan is the COO. Ken Duncan has now stepped down and his place taken by his son Matt Duncan.
The $25 million investment by Frontier Capital is technically a fourth (Series D) round, after several investment rounds more than 10 years ago when the company was first set up. The company says it has taken zero investment in the past decade and that this round pays off the initial (minority) investors.