DENVER, August 12, 2021 / PRNewswire / – Bow River Capital’s Software Growth Equity Fund today announced the completion of the previously announced transaction to recapitalize AbsenceSoft with Norwest Venture Partners, a leading venture and growth investment firm that has more than $ 9.5 billion in capital letters. The terms of the transaction were not disclosed.
AbsenceSoft, the market-leading, cloud-based platform for complete absence management, introduced its core software system AbsenceTracker eight years ago. Since its inception, its SaaS-only platform has proven to be quick to meet market needs for complex compliance monitoring and configurable workflow and reporting solutions for FMLA, ADA, disability and all forms of employee absence.
Bow River Capital’s Software Growth Equity Fund will retain a significant equity stake and a seat on the board of AbsenceSoft to drive continued intelligent growth across all dimensions of the company.
Bow River Capital’s Software Growth Equity team has acquired a majority stake in AbsenceSoft April 2019 and in collaboration with experienced SaaS executives John Hüttel, Jimmy Gulick, Joe DiPaulo, Christian Ellis and company founder Seth Turner, has implemented his performance playbook over the last 2 ½ years. Together, the team organically tripled AbsenceSoft’s annualized revenue rate and invested heavily in research and development to quickly expand the product portfolio.
“The business has been radically transformed and this transaction is the endorsement of the Software Growth Equity Fund’s performance playbook and value creation strategies to build another market winner,” said John Raeder, Managing Director and Head of Software Investments for Bow River Capital. He continued: “We are very excited to complete the recapitalization of AbsenceSoft and look forward to working with Norwest Venture Partners, John Hüttel and this exceptional team as we continue to seek further growth and scale for the company. “
“This is an example of our in-depth operational expertise focused on supporting exceptional management, installing operational improvements and quality metrics-based reporting, and swiftly executing our investment thesis and strategies,” said Dave Walters, Director at Bow River Capital.
Holland and Hart LLP advised AbsenceSoft and the Software Growth Equity Fund of Bow River Capital.
About Bow River Capital
Bow River Capital, founded in 2003, is a private alternative asset management company based in Denver, Colorado with software growth equity, private equity and real estate platforms. Bow River Capital’s platforms focus on the lower middle class in a geographic area known as Bow River Capital’s Rodeo Region®. Together, Bow River Capital has deployed capital across industries, asset classes, and across the capital structure. More information about Bow River can be found at www.bowrivercapital.com
AbsenceSoft, supported by Bow River Capital Software Growth Equity Fund and Norwest Venture Partners, is a market-leading, cloud-based platform for total absence management. The company provides modern, user-friendly and flexible software to manage FMLA, ADA, disability and other forms of vacation efficiently and cost-effectively. Companies of all sizes and in all industries trust AbsenceSoft to save time, reduce risk, improve the employee experience, and stay compliant. Learn more at www.AbsenceSoft.com or follow the company on LinkedIn, Facebook or Twitter.
This document has been prepared for informational purposes only and does not constitute an offer to buy or sell, or a solicitation of an offer to buy or sell any investments or other securities or instruments, or to participate in any particular investment strategy. Any such offer or solicitation will be made in accordance with a confidential, private offer memorandum made available only to qualified investors and only in jurisdictions where this is permitted by law.
All statements made herein are the opinions of Bow River and should not be construed as investment advice or recommendation.
Bow River may change its investment strategy and objectives at any time and in any manner it believes is consistent with its overall investment objective in response to market conditions or other factors without notice to investors.
Selected Case Study – The asset described above is only a selection of the assets held in the Fund and has been selected on the basis of objective, non-performance criteria, and is intended only to illustrate the breadth and depth of Bow River’s experience. There is no guarantee that future investments will be profitable.
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SOURCE Bow River Capital