Toronto-based secure document sharing platform and virtual data rooms provider Firmex has taken a strategic investment from Montreal private equity firm NOVACAP, financed through its TMT IV Fund, which is aimed at creating partnerships with high-growth technology, media and telecommunications companies, and has doled out $375 million since its launch two years ago. Founded in 2006, Firmex has made a point until now of eschewing outside financing, with co-founder and CEO Joel Lessem telling the financial post last year, \u201cBy the time your business starts cresting $5 million, you\u2019re getting three phone calls a week from VCs \u2026 mainly from U.S. venture capital,\u201d before adding, \u201cWhen your business is growing rapidly and it\u2019s profitable\u2026 why mess with a good thing?\u201d Firmex began turning a profit in 2010 and never looked back, earning a spot on Deloitte\u2019s Technology Fast 50 list in 2014, after posting a growth rate of 1,268% selling into 68 countries. Firmex counts approximately 75,000 companies worldwide among its clients, who use the company's virtual data rooms to securely exchange millions of documents, which can pertain to financial transactions, M&A, corporate governance, regulatory compliance, litigation or procurement. Firmex's client list includes the Big Five accounting firms, all of the top 10 global investment banks, Davies Ward Phillips & Vineberg and several other major law firms, as well as corporate giants like GlaxoSmithKline, Husky Energy, RBC Royal Bank Capital Markets, Deloitte, TD Capital Mezzanine Partners, Forbes Mergers & Acquisitions, and CIBC. \u201cOur vision is to continue growing with our loyal customers and winning new customers by expanding and enhancing our product and service offering,\u201d said Lessem. \u201cWe see tremendous growth opportunities in the market for our company. We selected NOVACAP as our partner because of their strong operational expertise and their conviction in our plan and potential.\u00a0 We couldn\u2019t be more excited about the future for Firmex.\u201d Lessem plans to stay on as CEO of Firmex, in which he owns a significant interest, along with existing management, with the aim of further expanding the company's offerings and accelerating its growth, potentially through acquisitions and certainly through organic growth. \u201cNOVACAP is excited to partner with Joel and the entire Firmex team, and we look forward to continuing to invest in its people, product and brand in order to help the company find new market opportunities both domestically and abroad,\u201d said Yong Kwon, Partner at NOVACAP. \u201cOver the last decade, Firmex has demonstrated the quality of its platform and service offering, having grown tremendously and consistently exhibiting impressively high retention rates from its large and diverse customer base.\u00a0 We believe strongly in the future growth prospects of Firmex and look forward to helping them drive further successes in this next phase of their growth trajectory.\u201d Explaining the company's reluctance to accept outside funding to this point, Lessem told the Financial Post last year, \u201cCapital is not the most important thing in driving a business, unless you\u2019re building semiconductors." Lessem characterized the current start-up ecosystem funding model as, \u201cGet a great idea, get some funding, hype it up and dump it.\u201d \u201cVenture capital buries their dead very quietly," he said. "You always hear about the success stories but you don\u2019t hear about all the ones that get sold for scrap or just wound down. And that is the majority.\u201d Founded in 1981, NOVACAP has assets under management of over $1.6 billion, and has invested to accelerate growth and maximize value in more than 85 North American companies. A dollar figure for NOVACAP's investment in Firmex was not disclosed.