Press Release
July 08, 2019

Morgan Stanley Expansion Capital Announces Agreement to Sell DocuWare GmbH


Press Release

Morgan Stanley Expansion Capital Announces Agreement to Sell DocuWare GmbH

Morgan Stanley Expansion Capital Announces Agreement to Sell DocuWare GmbH

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July 08, 2019


NEW YORK, NY — July 8, 2019 08:30 AM EDT

Investment funds managed by Morgan Stanley Expansion Capital (“Expansion Capital”) today announced that they have entered into a definitive agreement to sell their interest in DocuWare GmbH (“DocuWare”), a leading global provider of content services software, to Ricoh (TYO:7752). Expansion Capital invested in Founder-backed Docuware in June 2012 in a transaction designed to accelerate Docuware’s growth, recapitalize select holders and position the company for future growth. Headquartered in Germany and the United States, DocuWare provides cloud and on-premises document management and workflow automation software to over 12,000 customers in more than 90 countries.

DocuWare represented a unique opportunity for Expansion Capital to partner with the Co-Founders and executive team of a best-in-class content services software provider as the company’s first and only private equity investor in order to accelerate growth and ultimately more than triple the business scale.

Expansion Capital worked closely with DocuWare to drive growth through both organic and strategic initiatives including the successful acquisition of competitor Westbrook Technologies, a Connecticut-based provider of content services software. DocuWare and Expansion Capital also partnered to augment its Advisory Board and executive team through the addition of a number of executives.

“We were attracted to DocuWare given the longstanding track record of profitable and capital efficient growth combined with our prior portfolio experience and success in the content services software market,” said Pete Chung, Head of Morgan Stanley Expansion Capital. “We are pleased to have supported DocuWare during an exciting growth period, and with this investment outcome.”

“Over the course of our investment period, DocuWare, led by its Co-Founders, Jürgen Biffar and Thomas Schneck, successfully assembled and groomed a top management team to execute upon numerous organic growth initiatives and complete the acquisition of Westbrook Technologies, to become a leading provider of content services software for the small and medium-sized enterprise market,” said Robert Bassman, Managing Director, Morgan Stanley.

“Expansion Capital has been a great partner to DocuWare, supporting us not only with additional growth capital, but also with the leadership and creativity necessary to help us achieve our business and financial goals in a sustainable way. We look forward to DocuWare’s continued growth driven by its current management team led by Co-Presidents, Dr. Michael Berger and Max Ertl,” said Jürgen Biffar and Thomas Schneck, Co-Founders of DocuWare.

About Morgan Stanley Expansion Capital

Morgan Stanley Expansion Capital is the growth-focused private investment platform within Morgan Stanley Investment Management. Funds managed by Morgan Stanley Expansion Capital target growth equity and credit investments within technology, healthcare, consumer, digital media and other high growth sectors. For over three decades, Morgan Stanley Expansion Capital has successfully pursued growth investment opportunities and has completed investments in over 200 companies leveraging the global brand and network of Morgan Stanley. For further information about Morgan Stanley Expansion Capital, please visit

About Morgan Stanley Investment Management

Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 671 investment professionals around the world and $480 billion in assets under management or supervision as of March 31, 2019. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit

About Morgan Stanley

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing investment banking, securities, wealth management and investment management services. With offices in more than 41 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For more information about Morgan Stanley, please visit


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