Morgan Stanley Expansion Capital to make more than 5.5x on DocuWare’s sale

  • The deal was signed on June 28
  • William Blair advised DocuWare on sale
  • Initial investment came out of Expansion Capital fund

Morgan Stanley’s growth focused Expansion Capital team is set to make more than 5.5x its money on sale of DocuWare, the firm told Buyouts.

Expansion Capital, which sits within Morgan Stanley Investment Management sold its minority stake in DocuWare to Ricoh, a Tokyo-based imaging and electronics company.

The deal was signed on June 28, the firm said.

William Blair advised DocuWare on the transaction.

Morgan Stanley invested in DocuWare in April 2012 from its Expansion Capital fund, which closed on $400 million in November 2018.

DocuWare, headquartered in Germering, Germany and New Windsor, New York, provides cloud and on-premise document management and workflow automation software. The company has more than 12,000 customers in more than 90 countries.

A year after DocuWare’s investment, the firm completed an add-on to the platform, acquiring Westbrook Technologies, a Connecticut-based provider of content services software.

Morgan Stanley Expansion Capital manages nearly $700 million. The firm’s private equity and credit arm is focused on investments in five sectors: technology, consumer, healthcare, digital media, and services.

Representative for DocuWare did not return request for comment before press time.

Action Item
: To contact Morgan Stanley Expansion Capital email Executive Director Scott Krattenmaker.