Clearlake Capital has acquired NetDocuments, a cloud-based document and email management provider, from Frontier Capital. No financial terms were disclosed.
CHARLOTTE, N.C. (March 27, 2017) – Frontier Capital, a Charlotte-based growth equity firm focused exclusively on software and tech-enabled business services companies, announced today that it has completed a successful exit of its investment in NetDocuments. Clearlake Capital’s acquisition of the company closed March 24.
Frontier acquired a majority equity position in NetDocuments in mid-2014. Founded in 1999 and based in Lehi, Utah, NetDocuments has grown to become the leading provider of cloud-based software-as-a-service (SaaS) document and email management solutions to the legal vertical, serving law firms of all sizes as well as corporate and legal compliance departments.
“We are extremely proud of the tremendous progress and growth CEO Matt Duncan and his team have achieved over the period of Frontier’s involvement,” said Michael Ramich, partner at Frontier, who has served on the board of NetDocuments since 2014. “NetDocuments is a case study in how the right partner can help a company build on its success by refining its go-to-market strategy, aligning talent with the mission, and establishing the right performance metrics to accelerate profitable growth.”
“Frontier provided invaluable strategic direction at a critical point in NetDocuments’ development, leveraged industry relationships to help us identify and recruit key members of the management team, and applied their deep knowledge of the vertical SaaS sector to help us develop a smart, measured approach to growth,” said Duncan. “In addition, Frontier’s disciplined exit strategy produced a highly successful outcome for everybody involved.”
The investment in NetDocuments was from Frontier’s $250 million Fund III, which closed in 2011. Frontier is currently investing from its $390 million Fund IV, which closed in early 2015.
About Frontier Capital
Frontier Capital is a Charlotte-based growth equity firm focused exclusively on software and technology-enabled business services companies. Founded in 1999, Frontier partners with management teams that can benefit from capital to accelerate growth, fund acquisitions or generate shareholder liquidity. The firm makes minority and majority equity investments in high growth companies and has built an excellent track record of delivering returns to both investors and management partners. For more information, please visit frontiercapital.com.
Founded in 1999, and with offices in the U.S., U.K., and Australia, NetDocuments is the leaders in cloud-based document and email management. With hundreds of thousands of users across 140 countries, organizations enjoy the power and simplicity of NetDocuments’ trusted cloud platform, complete with built-in security, compliance, disaster recovery, matter centricity, enterprise search, mobility, records management and collaboration. More information is available at www.netdocuments.com.