Private equity firm Genstar Capital has acquired a majority share in Docupace, a provider of financial industry software headquartered in Holmdel, N.J., Docupace announced today.

Genstar invests in the financial services, software, industrials and healthcare industries. The investment makes Genstar a majority investor in Docupace, which creates software to streamline back-office operations, improve efficiency, and strengthen recruiting for wealth management enterprises and financial advisors, Docupace said.

“Genstar’s investment is a testament to our belief that Docupace is transforming how critical work—ew account opening, client onboarding, workflow, compliance, compensation, advisor transitions, data gathering and client engagement—gets done in wealth management enterprises,” David Knoch, Docupace CEO, said in a statement.

“We are excited to welcome Genstar as a strategic investor as we further improve the operational experience for clients, financial advisors, their staff, and home office team members. This recapitalization positions Docupace to continue leading the back-office revolution and to seize the substantial growth potential that lies ahead,” he added.

The investment made by Genstar will enable Docupace to expand its services to advisory firms and will increase the speeds at which services are provided, the company said.

“We already have an end-to-end back office product but there are even more things we can accomplish for firms,” Knoch said in an interview. “And at the same time, we already have a service that is fast but this will enable us to be even faster. We will be able to offer clients even more solutions to problems they bring us.”

Knoch added, “Docupace will redo the client user experience and clients will be able to do more themselves. We want to make this as simple and easy for clients as possible for what is a complicated process.”

With the advances the backing of Genstar will allow, Docupace will be able to transform and accelerate what back office solutions can do for Docupace clients and what the industry can do as a whole, Ryan George, chief marketing officer at Docupace, said in an interview.

FTV Capital, which made a significant investment in the company in 2020, will remain a minority investor.

“We’ve been following Docupace’s transformation for several years, and we are proud to partner with Docupace and its management team on the next chapter of growth,” Sid Ramakrishnan, director at Genstar Capital, said in a statement. “The wealth management ecosystem is highly and ever-increasingly complex, and firms need scalable operations that serve financial advisors and their clients."

In 2021, Docupace expanded its platform solutions into compensation, compliance, and digital client data gathering.