Utah-based NetDocuments, a cloud-based document-management system for law firms, today announced that it has secured a $25 million equity investment from Frontier Capital, a Charlotte, N.C., growth equity firm that invests exclusively in B2B software and technology companies.
The investment will be used to drive NetDocuments’ further growth in the legal market, where the company sees itself as the only “pure play” software-as-a-service provider of document management, according to today’s announcement. Frontier sees the investment as a way to capitalize on law firms’ increasing reliance on cloud computing, the announcement said.
“It’s exciting to see the rate of adoption increase in recent years as law firms begin to move from traditional, server-based document management to what most now view as the modern document management platform,” Ken Duncan, NetDocuments’ CEO said in the announcement. “The partnership and investment with Frontier will allow us to not only continue our growth with a high degree of customer service, but also provides us with the resources to capture a considerable portion of the market, as firms increasingly decide to switch to the cloud.”
Founded in 1999, NetDocuments currently operates in more than 140 countries and is used in 10 percent of the Am Law 100 firms.