Firmex, the virtual data room provider has developed a partnership with NOVOCAP, financed through TMT IV Fund to create a joint venture with the best technologies, telecommunication companies, and the media. Since the launch in the last two years, it has doled out about $375 million.
Launched in 2006, Firmex has been avoiding outside financing with CEO and co-founder Joel Lessem. As said by CEO, when your business will start cresting $5 million, your company will be getting three phone calls in a week from U.S venture capital. When you are already in a profitable business and satisfied with the growth, what is the point of messing with such things? Firmex started getting profits in 2010 and since then, the company never looked behind and earned a respective position by getting a spot on the Deloitte’s Technology Fast fifty list in the year 2014 with a distinct growth rate of 1, 268% selling almost into sixty-eight countries.
Firmex is now popular worldwide with around 75, 000 companies using the Firmex virtual data room to secure the important documents, transactions, regulatory compliance, litigation, and M&A, and corporate governance.
Firmex has clients from the different industries including ten global investment banks, big five accounting firms, major law firms, corporate giants like Husky Energy, Deloitte, Forbes Mergers & Acquisitions, and GlaxoSmithKline.
As said by co-founder Lessem, they want to work with loyal and new customers by expanding their services and by helping them with the secured virtual data rooms. They offer incredible growth opportunities to help the users with more growth options. They select NOVOCAP as their partner as it has the great operational expertise and potential to convert their plans into reality.
Lessem will continue as the CEO of Firmex. He will work with the goal of expanding the service and to promote the growth through acquisitions and organic growth.
NOVOCAP is also excited to work with the Firmex team and they will look forward to investing in the people, product, and the brand to help the company to find new clients and more marketing options both locally and globally. As the company is growing fast, it is expected that it will be able to impress more clients with a partnership of NOVOCAP. They strongly believe in the future growth prospects with a diverse and large customer base worldwide.
While taking about the Firmex reluctance of taking financial help from outside, Lessem told the Financial Post, capital is not the only sole factor for running a business. The company will succeed on its own with the successful strategies. Funding from outside might be a great idea, but it will not help all those who are not interested in the outside funding and able to prosper and get profits with their strategies.
NOVACAP is founded in 1981. During this journey, it has secured its place in the global market with the assets of over $1.6 billion. Moreover, it has invested and contributed to the growth of the 85 North American countries. Though the dollar figure for NOVOCAP investment in Firmex is still under the cloud, but it is expected that they are going to earn a huge from this partnership.