iManage, a document management provider, has received an undisclosed strategic growth investment from Bain Capital Tech Opportunities, as announced on Tuesday through a press release. The funding is considered a minority investment that will aid iManage in advancing its cloud-based, AI-enabled knowledge work platform and to speed up organic growth. iManage CEO Neil Araujo expressed his excitement about the collaboration, stating that Bain Capital's expertise would help scale iManage's vision while maintaining customer-focused solutions. This move strengthens Bain Capital's presence in the legal tech market following its recent financial backing of vLex Group, a new company formed from a merger between Fastcase and vLex. Bain Capital's connection with legal tech also extends to its new CEO appointment of Keri Gohman, who previously focused on the firm's fintech and B2B SaaS software portfolios for AbacusNext in January 2022. AbacusNext has since rebranded to CARET in February 2023.
Phil Miller, a partner at Bain Capital Tech Opportunities, expressed his confidence in iManage's business strategy in the press release announcing the investment. Meicler stated that the scale of their investment reflects their conviction in the iManage team's vision, customer-centric approach, and their excitement to partner with CEO Neil and his team to deepen and expand the product experience while continuing to serve existing and new market opportunities.
Although iManage's future growth plans are uncertain, the company has previously expanded its presence through several mergers and acquisitions. For example, in August 2020, the company acquired Closing Folders, a legal transaction management platform, to broaden its deal-making workflows. Furthermore, in September 2018, iManage purchased Elegrity, a risk and matter management technology provider. In addition, in September 2017, iManage acquired RAVN Systems, an AI technology provider based in the UK.
