Santa Monica, California-based Clearlake Capital Group LP has reached an agreement to acquire Orem’s NetDocuments, a cloud-based document management, email management and collaboration solutions company for law firms and corporate legal and compliance departments. NetDocuments will continue to be led by CEO Matt Duncan and CTO Alvin Tedjamulia, who will both join the board of directors of Clearlake. Financial terms were not disclosed.
“We’re delighted to announce that this week we signed an agreement with a new investor, Clearlake Capital, who is purchasing our previous investor’s (Frontier Capital) stock,” NetDocuments said in a statement posted on its website. “The current NetDocuments management team will maintain significant ownership in NetDocuments going forward. Clearlake intends to work closely with us to continue doing exactly what we’ve been doing the last few years, only now with even more resources to help us accelerate our already tremendous growth, fuel additional R&D, and make strategic acquisitions. Clearlake is strongly aligned with our vision to become the trusted cloud platform in the legal market and beyond for content management and collaboration.”