Bow River Capital’s software growth equity fund has completed its recapitalization of AbsenceSoft with Norwest Venture Partners, a venture and growth equity investment firm.
AbsenceSoft, a cloud-based total absence management service, introduced its core software system, AbsenceTracker. The system offers complex compliance monitoring, and configurable workflow and reporting services for FMLA, ADA, disability, and all forms of employee absenteeism.
“The business has experienced radical transformation and this transaction marks the validation of the Software Growth Equity Fund’s performance playbook and value creation strategies to build another market winner,” stated John Raeder, managing director and head of software investments for Bow River Capital. “We are thrilled to close the recapitalization of AbsenceSoft, and are looking forward to working with Norwest Venture Partners, John Huettel and this exceptional team as we continue to seek further growth and scale for the company.”
“This is an example of our deep operational expertise focused on supporting exceptional management, installing operational enhancements and quality metrics-based reporting, and rapidly executing to our investment thesis and strategies,” stated Dave Walters, director at Bow River Capital.
Holland and Hart LLP provided legal counsel to AbsenceSoft and Bow River Capital’s software growth equity fund.