Morgan Stanley Expansion Capital Announces Agreement to Sell DocuWare GmbH
July 08 2019 - 8:30AM
Business Wire
Investment funds managed by Morgan Stanley Expansion Capital
(“Expansion Capital”) today announced that they have entered into a
definitive agreement to sell their interest in DocuWare GmbH
(“DocuWare”), a leading global provider of content services
software, to Ricoh (TYO:7752). Expansion Capital invested in
Founder-backed Docuware in June 2012 in a transaction designed to
accelerate Docuware’s growth, recapitalize select holders and
position the company for future growth. Headquartered in Germany
and the United States, DocuWare provides cloud and on-premises
document management and workflow automation software to over 12,000
customers in more than 90 countries.
DocuWare represented a unique opportunity for Expansion Capital
to partner with the Co-Founders and executive team of a
best-in-class content services software provider as the company’s
first and only private equity investor in order to accelerate
growth and ultimately more than triple the business scale.
Expansion Capital worked closely with DocuWare to drive growth
through both organic and strategic initiatives including the
successful acquisition of competitor Westbrook Technologies, a
Connecticut-based provider of content services software. DocuWare
and Expansion Capital also partnered to augment its Advisory Board
and executive team through the addition of a number of
executives.
“We were attracted to DocuWare given the longstanding track
record of profitable and capital efficient growth combined with our
prior portfolio experience and success in the content services
software market,” said Pete Chung, Head of Morgan Stanley Expansion
Capital. “We are pleased to have supported DocuWare during an
exciting growth period, and with this investment outcome.”
“Over the course of our investment period, DocuWare, led by its
Co-Founders, Jürgen Biffar and Thomas Schneck, successfully
assembled and groomed a top management team to execute upon
numerous organic growth initiatives and complete the acquisition of
Westbrook Technologies, to become a leading provider of content
services software for the small and medium-sized enterprise
market,” said Robert Bassman, Managing Director, Morgan
Stanley.
“Expansion Capital has been a great partner to DocuWare,
supporting us not only with additional growth capital, but also
with the leadership and creativity necessary to help us achieve our
business and financial goals in a sustainable way. We look forward
to DocuWare’s continued growth driven by its current management
team led by Co-Presidents, Dr. Michael Berger and Max Ertl,” said
Jürgen Biffar and Thomas Schneck, Co-Founders of DocuWare.
About Morgan Stanley Expansion Capital
Morgan Stanley Expansion Capital is the growth-focused private
investment platform within Morgan Stanley Investment Management.
Funds managed by Morgan Stanley Expansion Capital target growth
equity and credit investments within technology, healthcare,
consumer, digital media and other high growth sectors. For over
three decades, Morgan Stanley Expansion Capital has successfully
pursued growth investment opportunities and has completed
investments in over 200 companies leveraging the global brand and
network of Morgan Stanley. For further information about Morgan
Stanley Expansion Capital, please visit
www.morganstanley.com/im/expansioncapital.
About Morgan Stanley Investment Management
Morgan Stanley Investment Management, together with its
investment advisory affiliates, has more than 671 investment
professionals around the world and $480 billion in assets under
management or supervision as of March 31, 2019. Morgan Stanley
Investment Management strives to provide outstanding long-term
investment performance, service and a comprehensive suite of
investment management solutions to a diverse client base, which
includes governments, institutions, corporations and individuals
worldwide. For further information about Morgan Stanley Investment
Management, please visit www.morganstanley.com/im.
About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services
firm providing investment banking, securities, wealth management
and investment management services. With offices in more than 41
countries, the Firm's employees serve clients worldwide including
corporations, governments, institutions and individuals. For more
information about Morgan Stanley, please visit
www.morganstanley.com.
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