The doc administration firm iManage has taken a strategic development funding from Bain Capital Tech Opportunities so as to speed up its natural development and the continued evolution of its cloud-based platform, it stated at the moment.
This can be a minority funding and iManage will proceed to function beneath the management of the present administration group, led by its CEO and co-founder Neil Araujo.
“The minority funding by Bain Capital Tech Alternatives will assist iManage construct on the more and more vital position it performs enabling knowledge-based organizations to work productively, enhance info governance, optimize workflow, and collaborate seamlessly,” the corporate stated in a press release.
Araujo stated the funding is a “proud and pivotal second in iManage’s historical past” and “a testomony to the energy of the present enterprise we’ve got developed and the potential alternative to develop and have a long-lasting affect.”
“Bain Capital brings a wealth of expertise that may assist the scaling of our imaginative and prescient and allow us to speed up our already extraordinary development trajectory whereas remaining targeted on the wants and aspirations of our clients,” Araujo stated. “I’m actually excited for the longer term as we proceed to ship on our mission to remodel, allow and assist how data staff get work executed.”
iManage says its clients span over 4,000 authorized, accounting, and monetary companies organizations in additional than 65 nations.
“Neil and his tenured administration group have executed an impressive job constructing iManage into a world chief, serving to the world’s main organizations handle paperwork and e-mail extra effectively whereas defending very important info property, assembly regulatory necessities, and bettering workflows,” stated Phil Meicler, a companion at Bain Capital Tech Alternatives.
“The size of our funding displays our conviction within the iManage group, their imaginative and prescient and buyer centric strategy, and we’re excited to companion with Neil and the group to assist deepen and develop the product expertise and proceed to serve current and new market alternatives.”
As I recounted in a 2021 interview with Araujo, after he and Rafiq Mohammadi cofounded iManage in 1995, it was acquired in 2003 by Interwoven for $171 million. In 2009, Autonomy acquired Interwoven for $775 million, after which in 2011 Hewlett Packard bought Autonomy for $11.1 billion, getting iManage within the deal.
Sadly, for HP, the Autonomy acquisition was a fiasco as a result of alleged accounting improprieties by Autonomy, leading to each litigation and a write-down of practically $8.8 billion of the acquisition worth.
Amid this turmoil, the iManage management was capable of purchase out the corporate and its enterprise from HP. Cofounders Araujo and Mohammadi returned to prime management roles as CEO and chief scientist, respectively, and set to work on reinvigorating the core on-premises product and relaunching its cloud product, which it did in 2016 as iManage Cloud.
(See a short demo video of iManage Closing Folders on the LawNext Authorized Expertise Listing.)