First American Financial Corporation has acquired Docutech, a provider of document, eClose and fulfillment technology for the mortgage industry. No financial terms were disclosed. Docutech was backed by Serent Capital. Raymond James and Kirkland & Ellis advised Docutech on the deal.
SAN FRANCISCO & AUSTIN, Texas–(BUSINESS WIRE)–Serent Capital, a San Francisco and Austin based private equity firm focused on investing in high-growth technology and services businesses, announced that its portfolio company Docutech, a leading provider of document, eClose and fulfillment technology for the mortgage industry, has been acquired by First American Financial Corporation, a leading global provider of title insurance, settlement services and risk solutions for real estate transactions in a $350 million deal.
Founded in 1991, Docutech provides innovative solutions that are widely used by lenders across the U.S. and have contributed to the industry’s evolution toward a digital real estate closing experience.
“Over 3 years ago, we partnered with Serent with the goal of growing our products and reaching more customers,” said Ty Jenkins, Founder and former Chairman of Docutech. “We’ve been able to deliver on that vision by building an exceptional relationship with the Serent team and have strengthened the company for its next chapter of growth.”
“Serent has played an instrumental role in enhancing Docutech’s growth over that last few years,” said Amy Brandt, CEO and President of Docutech. “Serent helped us accelerate our go-to-market sales operation, strengthen our products and customer delivery, and expand the executive team. We have been able to capitalize on our momentum in the mortgage lending market while also driving continued profitability.”
“Docutech has spent nearly 30 years becoming a trusted leader in mortgage document solutions,” said Lance Fenton, Partner at Serent Capital. “They’ve built an outstanding team and continue to deliver the best-in-class products and services to the mortgage industry. We are honored to have been a part of their journey to their next growth milestone.”
Docutech represents Serent’s 6th investment in the mortgage technology sector. Serent’s previous investments in the sector include Optimal Blue and Mercury Network.
Raymond James and Kirkland & Ellis served as advisors to Docutech.
About Serent Capital
Serent Capital invests in growing businesses that have developed compelling solutions that address their customers’ needs. As those businesses grow and evolve, the opportunities and challenges that they face change with them. Principals at Serent Capital have firsthand experience at capturing those opportunities and navigating these difficulties through their experiences as CEOs, strategic advisors, and board members to successful growing businesses. By bringing its expertise and capital to bear, Serent seeks to help growing businesses thrive. For more information on Serent Capital, visit www.serentcapital.com.