Wellington Financial Provides US$24 Million Debt Financing Commitment to Contract Management Software Company Exari
We are delighted to announce our largest commitment yet: a US$24 million financing to Boston-based Exari, the leading provider of enterprise contract management software. We partnered with Beacon Equity Partners, a private equity firm that invests in innovative software companies.
This is a firm that enterprising investment bankers will want to get to know.
Global insurance companies, banks and Global 2000 companies rely on Exari’s software solutions to create, store, manage and optimize their 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.
Exari used our capital to finance 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.
“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.”
“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.”
We very much appreciate the confidence that the Beacon team showed in us, and welcome Bill Hewitt to our family of portfolio companies.