SFW Capital Partners Sells Greenshades Software

SFW Capital Partners (“SFW”), a specialized private equity firm, announced it has completed the sale of Greenshades Software, Inc. (“Greenshades” or “the Company”) to a group led by Waypoint Capital and Gearbox Capital. Greenshades, headquartered in Jacksonville, Florida, is a leading provider of payroll, payroll tax, and human capital management information and software solutions. As part of the transaction, SFW retained a minority stake in the Company. Terms of the private transaction were not disclosed.

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“During our ownership, Greenshades evolved significantly and developed a modern, compliance-centric mid-market payroll solution and meaningfully transformed its product offering”

Founded in 2002, 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 integration 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 four million people across the United States.

Since SFW’s acquisition of Greenshades, the Company has aggressively pursued strategic growth initiatives including investing in new products, implementing a new go-to-market strategy, and improving core organizational systems and processes.

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“With SFW’s support and resources, we grew our business substantially through investments in new products, talent, and our sales and marketing efforts. SFW has been an invaluable partner and brought substantial experience, resources, and an informed perspective to support this phase of Greenshades’ growth,” said David Rosas, Co-founder and Chief Executive Officer of Greenshades. “We are excited to build on this success with the new investment group going forward.”

“During our ownership, Greenshades evolved significantly and developed a modern, compliance-centric mid-market payroll solution and meaningfully transformed its product offering,” said Roger Freeman, Partner at SFW. “We are pleased with the performance of the business, and are grateful for the opportunity to have worked with David and his team to support Greenshades through a period of rapid development and growth.”