TAMPA, Fla., Aug. 9, 2022 /PRNewswire/ -- DocuPhase, a leading provider of Business Process Automation (BPA), accounting automation, and B2B payments software and solutions, announced the acquisition of Frevvo, a workflow automation company providing digital online web forms to capture and manage data. The addition of Frevvo's form and signature technologies further enhances the DocuPhase automation platform, which today offers data recognition (OCR), document management, workflow automation, accounting automation, and payment processing technologies to more than 1,000 customers.
Frevvo, founded in 2008, is a rapidly growing online forms and workflow automation solution serving various industries and businesses of all sizes. The company is well established within Higher Education intuitions and K-12 school districts for delivering automation solutions for student enrollment process, financial aid applications, transcript requests, and various other functions within registrars and student administration offices.
DocuPhase, backed by growth equity firm LoneTree, continues to invest in technology and the resources needed to serve growing market demand in automation software. "The lingering pandemic and rising business expenses on top of a competitive job market has forced businesses to reevaluate their back-office inefficiencies and find ways to operate remotely. For organizations, this means finding ways to transition from manual, paper-based processes to more modern automated systems." Said Matt Koven, Managing Partner at LoneTree. "The acquisition of Frevvo extends DocuPhase's platform solution capabilities, keeping us in position to meet the digital transformation needs of our customers and the market."
"Education is a market Docuphase has targeted for growth," said Dan Gaertner, CEO of DocuPhase. "Frevvo accelerates that strategy with a customer base that features an extensive list of the world's largest, most respected educational institutions. The simplicity of Frevvo's technology inherently creates new market opportunities." Dan Gaertner continued, "It can be as simple as an elementary school deploying a student field trip consent form online with a digital signature for parents or as robust to service a Fortune 500 company automating new vendors and invoice approvals for 15,000 invoices a month. DocuPhase plans to integrate their payment processing technology within Frevvo's digital forms allowing customers to collect payments on form submissions. Dan Gaertner concluded, "You'd be surprised how many parents still clip that $20.00 bill to a signed paper field trip form."
About LoneTree: LoneTree is a private, growth-oriented equity investment firm providing flexible financing, mergers & acquisitions, and operating support for leading companies in high-growth sectors. LoneTree invests between $10M - $50M per deal across selected sectors, including software, digital infrastructure, health IT/services, enterprise & consumer services, and financial tech/specialty finance.