“... I had the intent to be organized but lacked the means of accomplishing it...”
Farid Naib, Founder and CEO
I started DocDep for two reasons: first, to resolve the organizational problems I experienced when selling my last company and second to become a better investor and member of the boards I sat on. In 2007 I sold my last company FNX, a financial software firm with clients and offices all over the world. During due diligence, the acquirer asked us to produce documentation such as old tax fillings for subsidiary companies and there was difficulty in producing them. We had them, of course, but our corporate paperwork and information was in a bit of disarray. Things were extremely difficult to locate due to the fact that we lacked a centralized, formatted place to file and then retrieve those corporate documents. As a result of not having all the paperwork together, I ended up with a rep and warrants escrow of $3.5 million, for which I was personally liable. I had the intent to be organized but lacked the means of accomplishing it. In addition to my experience with FNX, I began noticing the same organization problem with the boards on which I served. For each company’s board I usually kept communications and documents in an email folder, which amounted to a massive accumulation of disorganized files and other information. It was difficult to manage and ultimately affected my ability to be an effective advisor. After all that, I knew there had to be a better way.
I founded DocDep to solve the organization problems faced by all growing organizations, professional investors, and board members. The flagship DocDep product, Radar, was designed to be far more than basic online document storage. Radar was created as an intelligent filing and organizational system, for a clean exchange of corporate documents and communication and to streamline workflow. Radar will help you find what you need quickly and easily with sort and search features, document summary structures, and automatic notifications.
As DocDep proceeded down the organizational path, it surprised us to see how many problems plague existing cap tables, even after a review process. Consequently, there was the creation of SmartCap, a product that integrates Radar.
To further strengthen organization and administration for alternative investors, DocDep’s second software product created was Sonar. Sonar provides alternative investment firms, such as venture capital, private equity, and real estate investment firms with an aerial view of their entire portfolio - anything from financials and board packages, to communications with their LPs, and everything in between.