Los Angeles-based fintech Docupace is shaking up its leadership as it is being acquired by a growth-minded private equity firm.
Though many of the specific details were not released, FTV Capital announced on Tuesday that it is making a “significant” investment in Docupace. At the same time, the firms announced that David Knoch, former president of 1st Global, will assume the role of Docupace’s chief executive officer, effective immediately.
Docupace hopes that the influx of capital and its new leadership will allow it to continue expanding its capabilities, product offerings and support to clients.
Knoch said that while at 1st Global, he spent 10 years using Docupace’s platform and tools.
“It created a two-thirds reduction in back-office processing time,” he said in a interview with FA Magazine on Monday. “Those are unheard of numbers, we could not have done that without some of the automation that Docupace gave us.”
Knoch said that Docupace will use the influx in capital in a number of ways, the first being improving the execution quality to create a more efficient back office experience.
Docupace will also attempt to do for RIAs what it has done for very large institutional clients, said Knoch.
“We realize that competitive differentiation comes from great back office experiences,” said Knoch. “We also recognize that its important now, with the environment that Covid-19 has created and we’re in today, to deliver solutions in the market that enable the financial services industry to function well and serve the people. Even when the rest of society is being challenged to function in this environment, we can help our industry continue to function and help restore America back to greatness.”
Docupace makes available highly configurable, low-code development platforms offering the wealth management industry document management, client onboarding, approval processes, standardized workflows and compliant storage, all on an integrated platform, which can help eliminate the needto use ultiple vendors.
As president of 1st Global, a wealth management firm, Knoch helped grow AUM and increase profitability while at the same time increasing client satisfaction and recurring revenue. He also helped lead the sale of 1st Global to Blucora, creating a blend of tax-conscious wealth management with tax-focused financial technology.