GearBox Capital and WayPoint Capital Partners Lead a Recapitalization of Greenshades

Greenshades poised for accelerated growth as the leading provider of Payroll, HR and Tax solutions to mid-market companies centered around the 'deskless worker'

AUSTIN, Texas, Oct. 12, 2022 /PRNewswire/ -- GearBox Capital, LLC ("GearBox") today announced that it and WayPoint Capital Partners ("WayPoint") led a growth recapitalization of Greenshades Software, Inc. ("Greenshades"). Existing investors, including SFW Capital Partners ("SFW"), the Greenshades Founders David Rosas and Matt Kane, as well as management, will continue to retain a substantial ownership position in the company. Terms of the private transaction were not disclosed.

Founded in 2002 and headquartered in Jacksonville, Florida, Greenshades is a rapidly growing Payroll and HR platform serving mid-market companies with complex, compliance-heavy HR and payroll processes. Greenshades' all-in-one software platform enables businesses to run payroll in-house via accurate payroll, proactive compliance, automated tax calculations, and robust employee engagement. Greenshades' solutions are underpinned by deep integrations into mid-market ERP platforms such as Microsoft Dynamics, Bullhorn, and Sage Intacct among others. Greenshades' customers include more than 3,700 mid-sized businesses that employ approximately 4 million people across the United States.

"Given the prior knowledge and understanding of our business, our growth strategy, and a strong alignment on the approach to value creation, GearBox led the right investor group to support us on the next phase of our evolution and growth," said Rosas. "With the significant capital and resources from GearBox and WayPoint, Greenshades is uniquely positioned to serve the growing needs of organizations with complex, compliance centric HR and Payroll processes oriented around the deskless workforce."

"I am very excited to partner with Greenshades' co-founder and CEO David Rosas, WayPoint, and the entire Greenshades team to continue supporting the execution of the value creation plan for Greenshades," said Omair Sarwar, Managing Partner at GearBox. "Based on recent investments made at the company, Greenshades is strongly positioned to capture significant market share in the mid-market for Payroll and HR solutions through its unique focus on complex, compliance-centric workflows for businesses that rely on a deskless workforce. Differentiated technology and a unique go-to-market underpin strong growth fundamentals that Greenshades will look to supplement, with our support, through its 'build-partner-buy' strategy."

"We are excited about our partnership with GearBox, David and the entire Greenshades team," said Kevin Collins, Principal at WayPoint Capital. "Greenshades is an exceptional company with a world-class group of employees and an industry-leading solution that helps address the most challenging payroll, tax and compliance challenges for its customers. Rapid innovation coupled with a differentiation go-to-market strategy offers a compelling opportunity for future growth."

GearBox Capital is a private equity firm applying an operational approach to supporting the growth and transformation of bootstrapped and founder led technology companies. With an approach to product, commercial, talent and operational strategy refined over 15 years, GearBox is oriented towards implementing the handful of key levers that have an outsized impact on the growth and development of bootstrapped businesses. www.gearboxcap.com

WayPoint Capital Partners, LLC is a private equity investment platform anchored by a New York-based single family office. WayPoint partners with entrepreneurs and family-led enterprises across the North American software/technology, industrial/logistics, and healthcare industries. We enable our partner companies to reach or enhance their market leadership positions by delivering the resources and expertise of a large global investment platform without inflexible and burdensome requirements.

Greenshades is a leading provider of mid-market Payroll and HR solutions serving over 3,700 customers and over 4 million employees across the US. Our Mission is to provide a Payroll and HR Platform that empowers workers and brings peace of mind to their employers. We are tailored to US mid-market companies, especially those that service a large number of deskless employees. We navigate their complex compliance challenges while making it easier than ever to keep their employees happy. We provide more freedom and flexibility, lower costs, and far superior customer service than our competitors. www.greenshades.com

SOURCE Greenshades Software