Santa Monica, California-based Clearlake Capital Group LP has reached an agreement to acquire Orem’s NetDocuments, a cloud-based document management, email management and collaboration solutions company for law firms and corporate legal and compliance departments. NetDocuments will continue to be led by CEO Matt Duncan and CTO Alvin Tedjamulia, who will both join the board of directors of Clearlake. Financial terms were not disclosed.
“We’re delighted to announce that this week we signed an agreement with a new investor, Clearlake Capital, who is purchasing our previous investor’s (Frontier Capital) stock,” NetDocuments said in a statement posted on its website. “The current NetDocuments management team will maintain significant ownership in NetDocuments going forward. Clearlake intends to work closely with us to continue doing exactly what we’ve been doing the last few years, only now with even more resources to help us accelerate our already tremendous growth, fuel additional R&D, and make strategic acquisitions. Clearlake is strongly aligned with our vision to become the trusted cloud platform in the legal market and beyond for content management and collaboration.”
Founded in 1999, NetDocuments is currently used in more than 140 countries and by over 20 percent of Am Law 200 law firms, as well as numerous leading corporations and legal departments. The company employs around 200 in its Orem headquarters and has offices in England and Australia.
“We are excited to partner with the talented NetDocuments management team as we make a significant growth investment in the company,” said Behdad Eghbali, managing partner of Clearlake. “Our partnership will facilitate further investment in development and go-to-market for the company’s leading document management, email management and collaboration solutions, and accelerate the legal and compliance industry’s transition to software-as-a-service solutions.”
“We are thrilled to partner with Clearlake to accelerate growing the company, both organically and through acquisitions,” said Duncan. “Clearlake’s substantial resources and deep software investing experience will help us to continue delivering best-in-class cloud-based content management and email management solutions to our customers both at law firms and in corporate legal and compliance departments.”
“Our customers expect to be able to easily access and work with their business content on any device at any time while maintaining the highest levels of security and privacy. We are eager to begin our partnership with Clearlake and continue building our next-generation cloud platform to address complex customer needs,” said Tedjamulia.
Clearlake is a private investment firm founded in 2006 and currently has over $3 billion of assets under management and its senior investment principals have led or co-led over 90 investments.