RCS Capital Corporation (RCAP) has agreed to acquire a majority interest in Docupace Technologies, a provider of electronic processing technology for financial institutions and the wealth management industry.
As part of the agreement, RCS Capital Corporation will drive Docupace’s next stage growth plans with a significant investment in the company.
The RCAP investment will provide Docupace with the necessary capital, expertise and resources to further boost its product suite and market share.
Additionally, RCAP will continue to combine Docupace products across its broker-dealer network to increase efficiencies and streamline workflow processes to drive cost savings and top-line growth.
The deal will also support Docupace’s expansion across the financial industry. Terms of the transaction have not been disclosed.
Following the acquisition, RCAP will become a majority shareholder in Docupace and Michael Pinsker, President and CEO of Docupace and his management team will continue to lead the daily operations at Docupace.
Michael Weil, RCAP’s President. "This synergistic investment provides RCAP with a new, scalable and recurring revenue stream and will allow us to further leverage Docupace’s solutions, which are designed to increase efficiency by reducing operational costs and delivering enhanced compliance oversight."
Larry Roth, CEO of Cetera Financial Group, said: "This is an exciting acquisition that is part of the broader significant investment we are making in the technologies and services that will elevate RCAP’s offerings in the retail advisory sector."
Michael Pinsker, President and CEO of Docupace, said: "I look forward to working with the entire RCAP team as we continue to develop new products to streamline business processes and grow our business to better serve our customers."