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’

GearBox Capital, LLC (“GearBox”) 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.

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“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.”

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“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.”

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