RCAP to take majority holding in Docupace Technologies.
M2 EQUITYBITES-September 18, 2014-RCAP to take majority holding in Docupace Technologies
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18 September 2014 - US financial holding company RCS Capital Corp (NYSE:RCAP), or RCAP, said today it had agreed to purchase a majority stake in domestic electronic processing solutions rpovider Docupace Technologies Inc without disclosing financial details.
The pending investment in Docupace offers RCAP a fresh and scalable revenue stream and will give it access to products that are developed specifically to increase efficiency while slashing operational costs, said RCAP president Michael Weil.
RCAP's investment will provide Docupace with the resources and expertise to boost its product portfolio and expand its market reach, commented Docupace president and chief executive Michael Pinsker.
The buyer plans to integrate Docupace's solutions across its broker-dealer network in order to boost efficiency and drive cost savings while supporting the target's expansion in the financial sector, RCAP said.
Michael Pinsker will retain his position at Docupace and the company's management team will continue with the company.
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