NetDocuments to Accelerate Growth with Strategic Investment from Warburg Pincus
Warburg Pincus to join Cove Hill as a Partner in Backing the Leading Secure Cloud Platform for Legal Professionals
SALT LAKE CITY, May 25, 2021 /PRNewswire/ -- NetDocuments, the leading secure cloud-based content services and productivity platform for law firms, corporate legal teams, and compliance departments, today announced it has entered into a definitive agreement to receive a significant investment from Warburg Pincus, a leading global growth investor, along with existing investor Cove Hill Partners, L.P. ("Cove Hill"). Warburg Pincus is acquiring Clearlake Capital Group, L.P.'s ("Clearlake") interest in NetDocuments.
Warburg Pincus' investment alongside Cove Hill will support the Company's continued rapid growth and innovation. Terms of the transaction were not disclosed.
For more than two decades, NetDocuments has delivered innovation through its world-class content services and productivity platform. NetDocuments is used by over 3,150 professional services firms and corporate legal departments and recently announced unprecedented growth in Q1 2021, continuing its record setting sales momentum. The Company will continue to be led by Chief Executive Officer, Josh Baxter, and the rest of the current management team.
"The partnership with Warburg Pincus provides tremendous potential to not only strengthen existing customer relationships but tap into new opportunities and markets to become the foundational software for legal professionals," stated Josh Baxter, NetDocuments CEO. "We are excited to work with Warburg Pincus and Cove Hill on the Company's next phase of growth and would like to thank Clearlake for their close partnership with our team and for their strategic insight over the years."
"NetDocuments effectively serves as the platform of productivity for the legal community and is uniquely grounded in its commitment to customer service. The Company's strong track record, paired with a talented leadership team, has positioned it well for the accelerating shift to cloud," said Andrew Park, Managing Director, Warburg Pincus. "We look forward to partnering with Josh, the team at NetDocuments and Cove Hill to bring the Company to its next chapter of growth," added Alex Stratoudakis, Managing Director, Warburg Pincus.
"Cove Hill is excited to welcome Warburg Pincus as investors in the Company. We are thrilled to partner with them and the strong management team at NetDocuments to drive growth over the long term," said Jane Levy Vance, Principal at Cove Hill.
"We have greatly enjoyed our successful partnership with NetDocuments over the past four years, as the Company has grown into a leading SaaS platform for the legal industry," said Prashant Mehrotra, a Partner at Clearlake. "Over that time, NetDocuments has executed on a strategy to rapidly expand its product portfolio through organic R&D investments and extend its go-to-market reach by bolstering the Company's sales and marketing leadership and resources. We thank the Cove Hill team for a successful collaboration, and we wish the NetDocuments team every success for the future."
Baxter concluded: "This is about capitalizing on the momentum of the business and our reputation as the cloud platform for content and productivity. With a strong focus on growth and global reach, Warburg Pincus represents a great new partner. The investment will accelerate us both organically as well as through M&A, domestically and internationally. With the continued support of Cove Hill, we have an exciting future ahead of us."
William Blair & Company LLC acted as the exclusive financial advisor to NetDocuments.
For more information about NetDocuments, please click here.
About NetDocuments
Founded in 1999, with more than 3,150+ enterprise customers worldwide, NetDocuments is the legal industry's most trusted cloud-based content services and productivity platform. Complete with state-of-the-art built-in security, compliance, and governance solutions, NetDocuments offers document management, email management and collaboration technology complete with disaster recovery, enterprise search, and matter centricity features. For more information about NetDocuments, please click here.
About Warburg Pincus
Warburg Pincus LLC is a leading global growth investor. The firm has more than $60 billion in private equity assets under management. Warburg Pincus has invested more than $22 billion in technology companies since inception and is one of the most active growth investors in enterprise technology and cloud-based platforms. Notable technology investments include, BEA Systems, Nuance Communications, CrowdStrike, Avalara, Modernizing Medicine, and Clearwater Analytics in the U.S., eSentire and Assent Compliance in Canada, Ziggo in the Netherlands, Network International in EMEA, and Bharti Telecom in India. Founded in 1966, Warburg Pincus has raised 19 private equity funds, which have invested more than $90 billion in over 930 companies in more than 40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit www.warburgpincus.com.
About Cove Hill Partners
Cove Hill Partners is a long-term oriented private equity firm focused on partnering with outstanding management teams to build market-leading technology and consumer companies. The Boston-based firm currently manages long-duration funds with over $2.5 billion of commitments from its investors and founders. The firm was founded in 2017 by seasoned private equity investors to invest their personal capital alongside a small group of like-minded investors. Cove Hill has an innovative structure that provides the flexibility to enable a patient, concentrated, and value-add approach in a small portfolio of long-term investments. More information about Cove Hill Partners can be found at www.covehillpartners.com.
About Clearlake Capital
Founded in 2006, Clearlake Capital Group, L.P. is an investment firm operating integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the firm seeks to partner with experienced management teams by providing patient, long term capital to dynamic businesses that can benefit from Clearlake's operational improvement approach, O.P.S.® The firm's core target sectors are technology, industrials, and consumer. Clearlake currently has approximately $35 billion of assets under management, and its senior investment principals have led or co-led over 300 investments. The firm has offices in Santa Monica and Dallas. More information is available at www.clearlake.com and on Twitter @ClearlakeCap.
Media contacts:
NetDocuments:
Jobst Elster
Envision Agency
+1 850-459-4947
[email protected]
Warburg Pincus:
Sarah McGrath Bloom
Warburg Pincus
+1 212-878-6378
[email protected]
Cove Hill:
Lara Moskowitz
Cove Hill Partners
+1 857-245-6060
[email protected]
Clearlake Capital:
Jennifer Hurson
Lambert & Co.
+1 845-507-0571
[email protected]
SOURCE NetDocuments
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