April 25, 2019
Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to AbsenceSoft, a market leading provider of leave management software, in its recapitalization by Bow River Capital 2019 Software Growth Equity Fund (“Bow River”).
AbsenceSoft is a proven provider of technology solutions to help employers more efficiently and cost-effectively manage FMLA, LOA, Disability, and ADA. Maintaining full compliance with the federal and ever-growing number of state and municipal leave laws is becoming increasingly difficult for organizations of all sizes. AbsenceSoft has solved this problem by developing a cloud-based SaaS platform that is easy to use and flexible as needs evolve. The company’s client base includes many of the largest, most reputable, and fastest growing organizations in the United States, ranging in size from 500 to 500,000 employees.
Bow River’s majority recapitalization of AbsenceSoft will enable the company to accelerate growth, rapidly deliver on innnovations within its product suite, and scale across every dimension.
Regarding the transaction, Matt Brady, CEO of AbsenceSoft stated, “After evaluating multiple investment firms and alternatives with Cascadia Capital, we felt supremely confident in our decision based on Bow River’s deep domain SaaS competencies and track record scaling proven market winners.” Brady added, “We chose Cascadia as our advisor given their strong reputation and recent deal experience in the HR Tech and Compliance verticals. Throughout our process and in this transaction, Cascadia was a true, ‘shoulder-to-shoulder’ partner.”
Paul Vander Vort, Managing Director, Cascadia Capital, stated, “We feel very fortunate to have worked with AbsenceSoft. The combination of the company’s solutions and its ‘can do’ management team with the experience of Bow River should only reinforce AbsenceSoft’s market leading position and ongoing commitment to innovation. We are excited to see what the future holds for them.”
The acquisition represents another successful transaction for Cascadia in the HR Tech and Compliance sectors. Past transactions include the acquisition of LeaveLogic by Unum, the acquisition of Compli by KPA, the acquisition of Workplace Answers by EverFi, and the recapitalization of Netchex by Primus Capital. The AbsenceSoft transaction also represents the tenth deal for the firm’s Minneapolis office since January 2017, and the third this year.
For more information about this transaction, please contact the Cascadia Capital deal team:
Paul Vander Vort