Archive Systems Inc., a Fairfield, N.J.-based provider of document process automation solutions, has raised an undisclosed amount of new funding led by NewSpring Capital. It previously raised around $22 million from Carlyle Venture Partners, Edison Venture Fund and NJTC Venture Fund.
NewSpring Capital, a family of private equity funds providing growth and expansion capital to the Mid-Atlantic region, announced today that NewSpring Mezzanine, the dedicated mezzanine fund of NewSpring Capital, led an investment in Archive Systems, Inc. The Company is a leading provider of integrated document process management services. They serve approximately 1,000 customers in both the physical and electronic document management space.
Archive Systems was founded in 1991 in Fairfield, NJ to address the demands of businesses seeking records storage solutions. Today, the Company is a leading provider of on demand document management and process automation services. The Company’s product offerings include Aspen Accounts Payable and Virtual File Room as well as off-site records management for businesses located throughout the United States. The Company’s principal records management services include storage of records, filing, retrieval and destruction of records, courier pick-ups and delivery and database management.
“We welcome NewSpring Capital to our company, and appreciate the confidence they have demonstrated in our team and our strategy, said Gordon Rapkin, CEO of Archive Systems. Archive Systems is a leading innovator in the marketplace, and we are expanding our service area across the nation. NewSpring is helping to fuel our continuing growth.”
“Archive Systems, Inc. is a great addition to the NewSpring Mezzanine portfolio. The Company has innovative products and a strong management team, said Steve Hobman, NewSpring General Partner. We are happy to be in a position to support Archive as they grow and strengthen their position as a market leader in both the physical and electronic document management space.”
About Archive Systems
Archive Systems’ vision is to change the way organizations view document processing by enabling them to virtualize the back office. The Company was founded in 1991 to address the demands of businesses overwhelmed with paper and seeking a records storage company to solve their paper storage issues. In 1998, Archive Systems, Inc. pioneered the first services-based, on-demand document management solution, ASPEN. ASPEN automates, streamlines, and optimizes complex processes to manage the flow of document-based work throughout an organization. It bridges the automation gaps that are so prevalent in back-office business processes where people, paper and process collide. ASPEN Accounts Payable combines best practices AP Automation with ZeroTouch AP imaging and workflow. To learn more about Archive Systems, Inc., visit the Company’s website at www.archivesystems.com.
About NewSpring Capital
NewSpring Capital, based in Radnor, PA, Short Hills, NJ and Washington, D.C., is a leading provider of private equity capital focused in the Mid-Atlantic region. NewSpring Capital currently has over $500 million of assets under management. The family of funds consists of: (i) NewSpring Ventures, which provides equity capital to growth and expansion stage companies with a focus on business services, enabling technology and information technology; (ii) NewSpring Health Capital, which provides equity capital to healthcare companies within the life sciences, healthcare services and medical device sectors; and (iii) NewSpring Mezzanine Capital, which provides mezzanine capital for expansion stage and buyout opportunities in the business services, healthcare, information technology, and specialty manufacturing sectors. NewSpring Capital partners with entrepreneurs, leveraging its capital and experience, to assist them in turning their visions into reality. To learn more about NewSpring Capital, please visit www.newspringcapital.com.