Austin, Texas, June 29, 2023 (GLOBE NEWSWIRE) -- Red Oak Compliance Solutions, a leader in comprehensive intelligent compliance software solutions, announced today a $51 million investment from Mainsail Partners, a growth equity firm that invests in growing software companies. The transaction will enable Red Oak to accelerate innovative product development, continue enhancements to its existing software suite, and expand its customer service model to support the needs of compliance teams in the financial services and insurance industries across the globe.
“This is a momentous day for our firm, employees, clients, and the industries we serve,” said Red Oak Co-Founder and CEO Stephen Pope. “As regulations continue to evolve and regulatory requirements increase, compliance, marketing teams, and their respective organizations face greater challenges to streamline and effectively manage internal processes. This investment will help us accelerate our product development and scale our operations to help our customers increase efficiency and effectiveness in their compliance management operations. Ultimately, we believe it will help them further minimize risk and reduce costs for their organizations with an innovative and powerful suite of software solutions,” added Pope. “We are excited to partner with a firm that brings experience and resources to help us grow our business while remaining hyper-focused on supporting happy customers.”
Founded in 2010 by Stephen Pope, Cathy Vasilev, and Rick Grashel, Red Oak has successfully delivered intelligent proprietary software backed by a strong customer-centric business model to the financial services industry, including asset managers, broker-dealers, registered investment advisors, private equity firms, banks, insurance firms, and others across the globe. Their flagship advertising review software is a highly configurable workflow management system used for managing advertising and marketing compliance. It automates the submission, review, approval, and disclosure processes for marketing materials, helping compliance teams focus on mitigating risk to their firm and gain confidence in their operations, and marketing teams deliver compliant materials to market faster. The company also provides Registration and Licensing Management software, which centralizes the data and automates compliance requirements processes of registered representatives, and Smart ReviewSM, which solves for the management and intelligent application of disclosures.
“As an SEC-regulated organization, Mainsail appreciates the importance and complexity of compliance management,” said David Farsai, Partner at Mainsail Partners. “We are excited to invest in a team that has decades of industry experience and is committed to making the process of compliance management easier and more efficient for customers.”
About Red Oak
Red Oak Compliance Solutions is the global advertising review software of choice in the financial services and insurance industries, serving over 1,800 firms globally, ranging from single-state advisors to over half of the top 20 asset managers. Their flagship advertising compliance review software offers quick implementation timelines and agile technology that is 100% Books and Records/WORM compliant. Clients of Red Oak typically see 35% faster approvals and 70% fewer touches, with many experiencing even better results. Overall, Red Oak allows firms to minimize risk, reduce costs, and increase compliance review process effectiveness and efficiencies. To learn more about Red Oak Compliance Solutions, visit redoak.com or follow them on LinkedIn.
About Mainsail
Mainsail Partners is a growth equity firm that partners with founders of bootstrapped software companies to help them realize their potential. For 20 years, Mainsail has been helping management teams navigate the challenges and opportunities that come with rapidly scaling a software company. The firm includes women and men who are former software company operators who have seen these challenges first-hand. Mainsail offers assistance across various functional areas, including talent, finance, customer success, sales and marketing, product management, and R&D. With offices in Austin and San Francisco, the firm has raised over $2.2 billion in committed capital and invested in more than seventy companies. For more information, visit www.mainsailpartners.com or follow the firm on LinkedIn.
