Orlando, Fla. (May 5, 2014) – PowerDMS, Inc., a cloud-based document management software company, has secured a growth equity investment from Ballast Point Ventures (BPV).
PowerDMS will use the investment to primarily augment its sales and marketing team and enhance its technology platform by offering new features to its customer base, which includes customers in law enforcement, public safety, healthcare, and retail.
Founded in 2001 by CEO Josh Brown, the robust software platform provides practical tools necessary to organize and manage crucial documents and industry standards, thereby helping organizations maintain compliance with constantly evolving industry accreditation protocols. Created as a software-as-a-service (SaaS) model, PowerDMS combines attributes of Governance and Risk Compliance (GRC) and Enterprise Content Management (ECM) into its software platform, allowing customers to manage risk through living compliance documentation and content.
“The team at PowerDMS is excited by the possibilities that this investment provides,” said PowerDMS founder Josh Brown. “We’ve worked hard to create our unique culture, where customer and employee satisfaction remain our top priorities. With this funding, we will be able to attract more top talent and accelerate the development of our software. We look forward to partnering with the Ballast Point Ventures team, who shares both our long-term perspective and our belief in the importance of building great relationships with our customers and employees.”
“PowerDMS’s industry-leading position in Enterprise Content Management in their targeted industry verticals is a testament to the vision and technology platform developed by the management team over the last few years,” said Ballast Point Ventures’ Robert Faber, who will join the PowerDMS Board of Directors. “What Josh and his team have accomplished to date with no outside capital has been very impressive, and we are excited to partner with them to build a leading technology company in Central Florida.”
PowerDMS, headquartered in Orlando, Fla., is a cloud-based document management software company. The application provides practical tools to organize and manage crucial documents and industry standards, train and test employees, and uphold proof of compliance, thereby helping organizations reduce risk and liability. PowerDMS simplifies document management through powerful collaboration, process, and automation. PowerDMS has been named one of America’s Fastest-Growing Private Companies by Inc. magazine for 2011 and 2012 and named one of Orlando’s Best Places to Work by the Orlando Business Journal.www.PowerDMS.com
About Ballast Point Ventures
Ballast Point Ventures, headquartered in St. Petersburg, Florida, is a later stage venture capital and growth equity fund founded in 2002 to provide expansion capital for rapidly growing, privately owned companies, with a particular emphasis on companies located in the Southeast and Texas. The BPV partners have more than 70 years of combined experience investing in and building high-growth companies in several industries, including health care, technology-enabled business services, communications, and consumer. BPV has over $300 million under management and seeks to make equity investments ranging in size from $4 million to $12 million.http://www.ballastpointventures.com/