Docupace Technologies, an electronic document processing platform provider, has secured its first raise.
Terms of the deal were not disclosed. The money came from investment firm RCS Capital Corp., which will become a majority shareholder with a 51 percent stake in the West Los Angeles company. Michael Pinkser will retain his role as president and chief executive.
Docupace works with financial service providers such as insurance companies, banks and independent financial advisers to process and store documents in its data centers. The company will use the funding to further develop its platform and bring different products to market.
Pinkser said the company has more than 500 clients with more than 70,000 users using its platform daily. But the privately held company wanted to scale according to its rate of growth so it began to court outside investors.
“We wanted to make sure we could find someone who supported our vision, who believed in the success the company has had already and really wanted to expand that success to unprecedented levels,” Pinkser said.
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