CHARLOTTE, N.C., Jan. 25, 2018 /PRNewswire/ -- Frontier Capital, a Charlotte-based growth equity firm focused exclusively on software and tech-enabled business services companies, announced today it has completed a significant equity investment in Orlando, Fla.-based PowerDMS, a leading document management solution company. The investment will support PowerDMS in enhancing its software-as-a-service platform and provide valuable resources to scale the business to further meet the needs of its customers.
Founded in 2001 by CEO Josh Brown, PowerDMS offers a software-as-a-service, cloud-based compliance and document management solution that helps organizations reduce risk and liability. The company provides software tools to organize and manage all of a company's critical documents and respective industry accreditation standards, as well as allow for training and testing of employees. Most of the company's nearly 3,000 customer organizations represent high-risk, high-litigation industries, including public safety, government and healthcare.
"PowerDMS' exceptional growth and pioneering software solutions highlights the increased demand for companies to limit risk, ensure compliance and improve performance," said Michael Ramich, partner at Frontier Capital. "We look forward to partnering with Josh and the team to continue PowerDMS' presence as a leader in the policy management software space."
Ballast Point Ventures, who originally invested in 2014, will remain shareholders in the company and continue to serve on the board of directors, assisting Frontier and the PowerDMS management team.
"The team at PowerDMS has worked hard to build a product we are extremely proud of and to create a company culture where customer satisfaction remains our top priority," said Brown. "We are excited to partner with Frontier and are confident its expertise in growing software-as-a-service companies will take PowerDMS to the next level and create added value for our customers."
This investment comes from Frontier's $700 million Frontier Fund V. Announced in December 2017, Frontier Fund V has the ability to invest $15 million to $75 million per position.
PowerDMS, headquartered in Orlando, Fla., is a cloud-based policy management software company. The application provides practical tools to organize and manage critical content and industry standards, train, and test employees, and uphold proof of compliance, thereby helping organizations reduce risk and liability. PowerDMS simplifies document management through powerful collaboration, process, and automation. www.PowerDMS.com
About Frontier Capital
Frontier Capital is a Charlotte-based growth equity firm focused exclusively on software and technology-enabled business services companies. Founded in 1999, Frontier partners with management teams that can benefit from capital to accelerate growth, fund acquisitions or generate shareholder liquidity. The firm makes minority and majority equity investments in high-growth companies. For more information, please visit www.frontiercapital.com.
SOURCE Frontier Capital