TORONTO--(BUSINESS WIRE)--Wellington Financial LP, a privately-held specialty finance firm, today announced a US$24 million commitment to Exari, the leading provider of enterprise contract management software. Beacon Equity Partners, a private equity firm that invests in innovative software companies, is the principal shareholder. Beacon contributed additional funding alongside Wellington to complete this acquisition.
"When Beacon initially invested in Exari in 2008, we knew we were beginning to work with an incredible team and technology. We've watched the product flourish, both in its application, and in the breadth of clients it serves around the world,” said Joe Bradley, Senior Managing Director of Beacon Equity Partners. “Wellington Financial's debt commitment is great validation of that growth and the position Exari has achieved in its market today. We look forward to working alongside the team, and new partner in Wellington, to ensure this growth capital helps Exari exceed its aggressive goals."
“Global insurance companies, banks and Global 2000 companies rely on Exari’s software solutions to create, store, manage and optimize their contracts, and we are excited to invest in such an influential company,” said Amy Olah, Business Development at Wellington Financial. “We look forward to seeing how Exari will continue to expand its global footprint and excel as a leader in the contract management software industry.”
With today’s funding, Exari is financing its recently announced acquisition of Adsensa, the leading supplier of document intelligence solutions for over 100 major insurance companies, legal, banking, commercial and regulatory organizations in the US, UK and worldwide. With a strong and growing presence in the UK and North America, Adsensa continues to expand into new markets including Continental Europe, Asia Pacific and Latin America. The convergence of the two companies will enhance the standard for contract management platforms and ensure companies around the world are able to automatically assemble contracts, track every contract in their organization, and analyze those contracts to ensure compliance, and enhance revenues. For the first time, a complete contract lifecycle management (CLM) platform will enable companies to manage new, legacy and third-party contracts all in one complete solution.
“We are thrilled to welcome Adsensa to the Exari team, and are making swift work of ensuring our combined, robust platform helps us grow stronger and faster,” said Bill Hewitt, CEO of Exari. “With the addition of Adsensa, our contract management platform will become an even greater industry leader and provide our clients with additional tools to automate the most time consuming tasks involved in contracts.”
From enterprise corporations to professional and legal firms to large public agencies, Exari’s customers demand a level of contract lifecycle management and technology performance that only Exari is able to provide. Exari's clients include nine of the top ten insurance firms, three of the top ten banks and leading professional services and energy firms worldwide.
About Wellington Financial, LP
Wellington Financial LP is a privately-held specialty finance firm providing term, venture, and amortizing loans up to $40 million. Wellington Financial LP is currently managing a $900 million investment program with offices in Menlo Park, Santa Monica, and Toronto. Wellington Financial LP is managed by a partnership controlled by a fund management Clairvest Group Inc. (CVG:TSX), who jointly have contributed a large financial stake to the Fund. LPs include several of Canada’s largest institutional investors, crown corporations, financial institutions, and pension funds. Please visit the fund website at www.wellingtonfund.com.