Strattam inks $101 mln first close, completes Doxim add-on

  • New fund targets $225 mln
  • Firm closed debut on $157 mln last year
  • Strattam buys Intelligent Document Solutions in add-on

Strattam Capital Partners held a $101 million first close on its second fund, which is targeting $225 million, according to two sources with knowledge of the fundraise.

Strattam launched its second fund earlier this year. The bulk of what it’s raised so far came from re-ups, according to the two sources. Strattam listed UBS Securities as a broker-dealer on the fund in a July 19 SEC filing.

Strattam, founded by Robert Morse and Adrian Polak in 2013, specializes in acquiring software-as-a-service and IT companies. Ray Villareal joined the firm as a partner specializing in portfolio operations last year.

The firm closed its debut fund on $157 million last year. Two-thirds of that fund’s investment capital had been deployed at the time of its final close, Buyouts reported last year.

The firm used its debut fund to complete its largest portfolio company’s most recent transaction. Doxim, which provides customer engagement software to financial-services companies, recently acquired Intelligent Document Solutions. Terms weren’t disclosed.

Strattam will merge Intelligent Document Solutions, which provides eDocuments and statements to banks and credit unions, with Doxim’s existing business to create a new entity with roughly $50 million of annual revenue, according to a source with knowledge of the deal. IDS CEO Bill Hayden will stay on with the combined business as vice chairman.

Both Morse and Polak previously worked together at Oak Hill Capital Partners, where Morse was an executive on the firm’s technology team. One of Oak Hill’s partners, William Pade, recently signed on to chair Strattam’s advisory board.

“Bob and I have been colleagues. We worked together [at Oak Hill] for almost 10 years, and I’m more than happy to help him in any way that I can,” Pade told Buyouts. “I think everybody’s pretty happy with the story and what’s been accomplished. It was an easy yes when he asked.”

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Photo of co-founder Robert Morse courtesy of Strattam