Morgan Stanley Expansion Capital Signs Agreement to Invest in German Software Company DocuWare3 May, 2012
Germering, Germany - April 17, 2012 – DocuWare, (the “Company”) a leading software-based provider of document management solutions with significant experience serving middle-market enterprises on a global basis, announced today that it has received an investment commitment from Morgan Stanley Expansion Capital LP, a Morgan Stanley Investment Management private equity fund. The investment will support DocuWare’s existing growth and build upon the Company’s scale.
DocuWare is a global provider of electronic document management software and solutions which significantly improve traditional paper-based operational processes and reduce the silos of disparate content and data stemming from various platforms, applications, email and other software programs. DocuWare’s software platform organizes a variety of document types from various sources into a common, easily searchable structure. The Company’s software enables organizations to seamlessly manage document workflow to improve efficiency. Materials and documents relating to a particular customer or project can be retrieved, displayed and processed from any location and device. DocuWare’s recently released software-as-a-service product further underscores its commitment to developing leading-edge technical solutions for its broad base of customers.
DocuWare integrates software at both the department and enterprise level through its global network of Authorized DocuWare Partners (ADPs), which provide integration, implementation and support services along with hardware solutions. DocuWare’s global footprint and strong channel presence uniquely positions it to effectively service the middle-market, which is the largest and most underserved segment. In 2011, DocuWare generated an estimated 60 million Euros in project revenue for its go-to-market channel partners.
DocuWare, headquartered in Germering, Germany (near Munich), was co-founded in 1988 by Jürgen Biffar. Biffar, along with Co-President Thomas Schneck, has presided over consistent growth and a decade of profitable operations. DocuWare’s leadership has selected Morgan Stanley Expansion Capital as their partner of choice to help the Company reach ambitious growth targets in the international market. Morgan Stanley Expansion Capital‘s experienced investment team, as well as their extensive network of experts in the technology and growth arenas will significantly advance the Company’s development.
A newly formed Board of Directors will include Co-Presidents Biffar and Schneck as well as Pete Chung, Managing Director and Head of Morgan Stanley Expansion Capital, and Robert Bassman, Vice President, Morgan Stanley Expansion Capital. Edward Hamburg, former Chief Financial Officer of SPSS Software and current board member in several US growth companies will also be joining the Board. Kurt Dobitsch, former Germany-Chief Executive Officer of Compaq Computer, current Chairman of the Board for United Internet, Bechtle and Nemetschek, and prior Supervisory Board member for DocuWare, will serve as the Chairman of the Board.
Thomas Schneck, President, DocuWare: "We are proud to have gained such an experienced and well-connected industry partner in Morgan Stanley Expansion Capital to aid in the further development of our business. The cooperation of the last few weeks has borne its first fruit with the launch of the Company’s SaaS business initiatives from our U.S. headquarters."
Pete Chung, Managing Director and Head of Morgan Stanley Expansion Capital: "DocuWare has built a tremendous, international franchise, servicing an impressive base of customers through a broad network of highly trained, go-to-market partners. Given DocuWare’s proven success and long-term investment in quality software and partner development, Morgan Stanley Expansion Capital believes the company is well-positioned to capitalize on the significant market opportunity available to provide document management solutions to middle-sized enterprises and government agencies. We were particularly impressed by DocuWare’s caliber of professionals and the strength of leadership of its executive team.”
DocuWare (founded 1988) ranks among the world’s leading Document Management software companies. The Company operates worldwide from Germering (near Munich) and New Windsor, New York with subsidiaries in the UK, Spain and France. Its products are available in 70 countries and 16 languages to over 100,000 users in approximately 10,000 installations.
About Morgan Stanley Expansion Capital
Morgan Stanley Expansion Capital, a private equity fund within Morgan Stanley Investment Management, invests in private companies. Since 1986, Morgan Stanley Expansion Capital and its predecessor funds have invested over $1.1 billion in over 150 companies.