Charlotte-based growth equity firm Frontier Capital has entered into an agreement to snap up a majority stake in Agreement Express, a Software as a service (SaaS)-based digital onboarding platform provider in Vancouver.
This marks Frontier's third investment in Canada within the past 12 months and its fifth investment in a SaaS-based company over the past eight months. The investment was made by Frontier’s US $700 million Frontier Fund V, which closed in 2017.
The investment aims to support Agreement Express as it seeks growth opportunities through expansion of sales and marketing operations, furthering technology innovation, and extending its talent base to assist the company in reaching its long-term vision of becoming the leading provider of client onboarding automation solutions for the financial services industry.
The Agreement Express platform allows financial institutions to design and execute consistent automated onboarding experiences across their product offerings and channels while at the same time providing deep analytics.
Agreement Express CEO Mike Gardner said the firm's efforts to focus on providing its clients with simple solutions have propelled its growth in recent years.
"We are excited to work with the talented and well-respected team at Frontier as our partner in the next phase of our journey as a growth company. We believe their experience helping transition SaaS businesses such as ours to market leaders will help us grow our innovation and enhance value to our customers in their race to digital sustainability, differentiation, and enhanced profitability," Gardner said.
With the acquisition, Frontier’s managing partner Richard Maclean and vice president Dave Pandullo will join the Agreement Express Board.
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