D.A. Davidson & Co. announced that it served as exclusive financial advisor to HRSoft, a leading provider of enterprise compensation management software, on its majority investment from Gryphon Investors. Existing investor Bow River Capital will retain a minority stake and HRSoft’s current executive team will continue to manage the business.

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D.A. Davidson & Co. announced that it served as exclusive financial advisor to HRSoft, a leading provider of enterprise compensation management software, on its majority investment from Gryphon Investors.

Headquartered in Denver, HRSoft delivers a low-code compensation management platform that enables enterprises to administer complex merit, bonus, long-term incentive, variable pay, and carried interest programs. The platform integrates seamlessly with leading HRIS systems such as UKG and Workday, while enabling highly configurable compensation structures, approval workflows, and reporting capabilities, empowering organizations to manage increasingly sophisticated pay programs.

Demand for modern compensation technology continues to accelerate as enterprises expand globally, deploy multi-variable incentive plans, and operate under heightened regulatory and transparency requirements. Despite this growing complexity, many organizations still rely on manual, spreadsheet-driven processes - introducing operational risk, constraining scalability, and limiting real-time visibility into compensation outcomes. HRSoft’s platform offers a solution, with highly configurable compensation structures, approval workflows, and robust reporting capabilities.

The investment from Gryphon Investors, supported by additional capital from Bow River, will equip HRSoft with meaningful resources to accelerate product innovation and scale the company’s go-to-market infrastructure to support continued growth.

“Bow River Capital and the HRSoft management team have done a tremendous job building the modern compensation platform trusted by key enterprises through strong product innovation, and a strong combination of vertical and domain expertise,” said Greg Thomas, Managing Director, Co-Head of Technology Investment Banking at D.A. Davidson. “We are excited to see the continued growth of HRSoft through the partnership with Jon Cheek and the team at Gryphon Investors.”

“The D.A. Davidson team played a critical role in driving our ultimate success with HRSoft,” said Maitlan Cramer, Managing Director at Bow River Capital. “Our team appreciated the valuable perspectives on the HR technology industry, pulse on the current market environment, and high-touch, steady advice through our process.”

This transaction underscores D.A. Davidson’s deep expertise advising both sponsors and founders as they pursue growth and liquidity strategies for high quality software businesses.

D.A. Davidson’s Investment Banking Division is a leading full-service investment bank that offers comprehensive financial advisory and capital markets expertise. The group has extensive transaction experience serving middle-market clients worldwide across four industry verticals: consumer, diversified industrials, financial institutions, and technology. Together with its European strategic partner, MCF Corporate Finance, D.A. Davidson originates and executes transatlantic M&A transactions under the common brand of D.A. Davidson MCF International.

About D.A. Davidson Companies

D.A. Davidson Companies is an employee-owned financial services firm offering a range of financial services and advice to individuals, corporations, institutions, and municipalities nationwide. Founded in 1935 with corporate headquarters in Great Falls, Montana, and regional headquarters in Denver, Greater Los Angeles, New York, Omaha, and Seattle, the company has approximately 1,600 employees and offices in 30 states.

Subsidiaries include: D.A. Davidson & Co., a full-service investment firm providing wealth management, investment banking, equity and fixed income capital markets services, and advice; Davidson Investment Advisors, a professional asset management firm; D.A. Davidson Trust Company, a trust and wealth management company; and Davidson Fixed Income Management, a registered investment advisor providing fixed income portfolio and advisory services.

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