Bow River Capital, a private alternative asset manager, has invested in HRSoft, a provider of employee compensation management software. Bow River Capital’s Software Growth Equity (SGE) team initiated the majority recapitalization.

HRSoft provides compensation, rewards, and performance management software, aiming to lower the total cost of ownership for enterprises. The Bow River SGE team’s fund managers John Raeder, Maitlan Cramer, and Sean O’Connell have joined HRSoft’s board of directors.

“We have spent significant time investing in the HR Tech industry and have developed a strong investment thesis for a sea of change occurring across the HR function in organizations of all sizes,” says Cramer. “We’re thrilled to be working closely with the Company to deploy our SaaS playbook and all our resources in an effort to rapidly build out their software platform, upshift their client success model, and launch a world class go-to-market engine.”

CIBC Innovation Banking provided debt financing as a part of the transaction. Holland & Hart LLP served as legal counsel to Bow River Capital on the transaction. JMP Securities LLC, a Citizens Company served as the exclusive financial advisor and Morgan, Lewis & Bockius LLP served as legal counsel to HRSoft on the transaction.