Growth equity investment firm Palisades Growth Capital has exited its ownership stake in Docupace, a provider of wealth management technology.
Palisades Growth sold the stake to another growth equity investment firm FTV Capital. The deal value was not revealed.
Palisades Growth co-managing partner Paul D’Addario said: “Under the leadership of Mark Tapling and through our successful partnership with Jeb Spencer, Managing Partner of TVC Capital, together achieved our shared vision of creating the leading platform of its type for the wealth management industry.”
FTV said that its investment will enable Docupace to speed up its efforts of expanding its capabilities and advancing product development.
At the same time, Docupace named David Knoch as its new CEO.
Knoch previously served as the president of 1st Global.
He spearheaded the sale of 1st Global to Blucora, which offers tax-smart financial solutions.
Docupace CEO Mark Tapling said: “It was a pleasure to work with Palisades Growth, whose guidance and capital helped enhance the intrinsic value of our business.
“They were impactful in supporting our strategic vision and by recruiting management talent that has led to this compelling outcome for all.”
Headquartered in California, Docupace offers a cloud-based platform to automate client onboarding, document management, as well as facilitate cybersecurity.