Funding Also Provides Growth Capital for Strategic Initiatives
Markham, Ontario – September 17, 2014
Doxim, Inc., a leading provider of Customer Communications Management (“CCM”) software to the financial services industry, announced today that it has entered into a definitive agreement with Strattam Capital, LLC, a technology-specialist private equity firm, under which Strattam will take a majority stake in the company. Strattam is investing in partnership with Doxim’s current management team, led by Founder and CEO Chris Rasmussen.
Strattam will buy a majority of Doxim’s shares and provide growth capital to fund Doxim’s strategic initiatives, including expansion of the company’s product and service offerings and extension of its geographic presence. Mr. Rasmussen and the rest of Doxim’s leadership team will remain in their current positions. The financial terms of the transaction were not disclosed.
Doxim provides a software platform used by more than 500 financial institutions to communicate critical business information to more than six million end customers. Doxim’s flexible and scalable multi-tenant CCM platform provides cost-effective solutions that meet the needs of a range of enterprise clients. The company’s CCM suite includes client onboarding, statement composition, archiving, and content management.
“This transaction is a wonderful strategic development for Doxim, our customers, and our employees,” said Chris Rasmussen, Founder and CEO of Doxim. “Over its 14-year history, Doxim has developed into a leading software provider for the Canadian financial services industry. We believe the Strattam team’s sector-focus and extensive industry experience make this partnership ideal for supporting our plans to expand the products and services we offer. We look forward to working together with Strattam as we enter the next phase of the company’s growth.”
The CCM market is growing robustly as financial services firms seek to present information to customers in rich, engaging ways and, increasingly, in electronic formats. In addition, ever-more stringent regulatory changes are mandating more frequent and comprehensive client reporting, which is accelerating the demand for CCM solutions. Doxim’s subscription-based software integrates with customers’ online portals, offering a seamless communications platform to enhance the relationships Doxim’s customers have with their clients, from the inception of the account opening process through the entire customer lifecycle.
“Chris and his team care deeply about solving problems for their bank, credit union and wealth management customers, and they have grown Doxim by delivering on the promise of reliable, easy-to-use tools to improve the customer experience,” said Bob Morse, Co-Founder and CEO of Strattam Capital. “We are excited to help them capitalize on the many growth opportunities before them – all with an unwavering focus on delivering best-in-class solutions for their customers.”
Completion of the transaction, which is subject to customary closing conditions, is expected to take place in the third quarter of 2014.
Doxim builds and delivers a suite of Customer Communication Management solutions, including automated client onboarding software, cloud-based enterprise content management, and advanced document processing solutions for Financial Service Providers and their outsourcing partners. These solutions are used by banks, credit unions, wealth management and investment brokerage firms to create, manage and deliver business-critical customer communications more efficiently and cost effectively, enhancing their customers’ experience. Doxim’s solutions help these organizations improve client communications, streamline document access and meet the stringent compliance requirements associated with transactional document processing. Find out more at www.doxim.com.
About Strattam Capital
Strattam Capital is focused exclusively on private equity investments in core enterprise information technology and services. Founded and managed by experienced technology investment professionals, Strattam Capital uses its knowledge and resources to make control equity investments in companies with enterprise values of up to $150 million. The team applies an active, conviction-driven approach in close collaboration with management teams. More information is available at www.strattam.com.
Sean O’Donovan, 416-840-9910,[email protected]
Strattam Capital Contact:
Erica Jacobs, 415-926-7961, [email protected]
Chuck Dohrenwend, 212-371-5999, [email protected]