D.A. Davidson Advises HRSoft on Gryphon Investors’ Majority Investment

D.A. Davidson & Co. has announced that it acted as the exclusive financial advisor to HRSoft, a provider of enterprise compensation management software, in securing a majority investment from Gryphon Investors. Current investor Bow River Capital will retain a minority ownership stake, while HRSoft’s existing leadership team will remain in place to continue managing operations.

Based in Denver, HRSoft offers a low-code compensation management platform designed to help organizations manage complex pay structures. The system supports a range of compensation programs, including merit increases, bonus structures, long-term incentive plans, variable pay and carried interest arrangements. It integrates with major HR information systems such as UKG and Workday, allowing companies to configure customized compensation frameworks, streamline approval processes and generate detailed reporting.

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The need for modern compensation technology is increasing as companies expand internationally, introduce more complex incentive models and face greater regulatory scrutiny around pay transparency. However, many organizations still rely heavily on manual workflows and spreadsheet-based processes. These methods can create operational risks, reduce scalability and limit real-time insight into compensation performance. HRSoft’s platform aims to address these challenges by offering configurable tools and analytics that enable businesses to manage sophisticated pay programs more efficiently.

The new investment from Gryphon Investors, combined with additional funding from Bow River Capital, will provide HRSoft with resources to accelerate product development and expand its go-to-market capabilities as the company continues to grow.

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Greg Thomas, Managing Director and Co-Head of Technology Investment Banking at D.A. Davidson, said Bow River Capital and HRSoft’s leadership have built a strong enterprise compensation platform supported by deep industry expertise and consistent product innovation. He added that the firm looks forward to seeing HRSoft’s continued expansion through its partnership with Gryphon Investors and its team.

Maitlan Cramer, Managing Director at Bow River Capital, also credited D.A. Davidson for its role in the transaction, noting that the advisory team provided valuable insight into the HR technology sector, strong awareness of market conditions and steady strategic guidance throughout the process.

The deal highlights D.A. Davidson’s experience advising both investors and founders on growth strategies and liquidity events for high-quality software companies.

D.A. Davidson’s Investment Banking division operates as a full-service advisory and capital markets firm with significant experience supporting middle-market transactions worldwide. The firm works across several sectors, including consumer, diversified industrials, financial institutions and technology. Through its partnership with MCF Corporate Finance in Europe, the firm also executes cross-border mergers and acquisitions under the joint brand D.A. Davidson MCF International.

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