Bowmark Capital has acquired a majority stake in WSD, a provider of document and workflow automation software solutions to the global structured products industry. No financial terms were disclosed.
Bowmark Capital has acquired a majority shareholding in WSD, a leading provider of document and workflow automation software solutions to the global structured products industry. WSD’s document, workflow, connectivity and data solutions enable straight-through processing and deliver improved efficiency, accuracy and insight for its capital markets clients.
The global structured products market has a size of approximately US$3 trillion and is growing at over 10% per annum. The complexity of structured products requires a high volume of associated legal and regulatory documents which have historically been drafted manually. Founded in 2009 by chief executive officer Mathias Strasser, WSD offers software solutions that automate the creation and management of these documents thereby reducing cost, increasing efficiency and improving the accuracy of the data provided to its clients, which include leading global investment banks.
WSD has achieved revenue growth of over 15% per annum since 2019. Bowmark’s investment will help accelerate delivery of the company’s product development roadmap and extend WSD’s infrastructure across North America, Europe and Asia. Bowmark has a strong track record of supporting businesses that provide specialist technology solutions to the financial services industry including Pirum Systems, a provider of post-trade automation technology, and Data Explorers, a specialist financial data provider.
As part of the transaction, Peter Little will join WSD’s board as non-executive chairman, bringing extensive experience of growing financial services software companies.
Mathias Strasser commented: “Bowmark’s investment marks an important milestone in the development of WSD and is a testament to the strength of our customer proposition. We have found a partner who truly understands our business and shares our vision of offering banks a straight-through automation solution for structured products and OTC derivatives. Their previous experience in the sector will be invaluable as we move to the next stage of our development.”
Tom Shelford, partner at Bowmark, said: “WSD’s deep understanding of the structured products industry underpins its leading suite of software solutions. There is now a considerable opportunity for further growth as the company meets increasing market demand by further developing its platform and expanding into adjacent markets.”
Peter Little commented: “Mathias and his team have built WSD into the leading automation provider in structured products with an impressive track record of product and service innovation. I look forward to working with them to build on their considerable achievements to date.”