Citizens Financial : Advises Greenshades on its Recapitalization Led by Gearbox and Waypoint

10/17/2022

PROVIDENCE, RI - Citizens M&A Advisory announced today that it served as the exclusive financial advisor to Greenshades Software in a growth recapitalization led by Gearbox Capital, LLC and Waypoint Capital. As part of the transaction, existing investors, including SFW Capital Partners, Greenshades founders David Rosas and Matt Kane and 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, FL, 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 four million people across the United States.

Under SFW's ownership, the Greenshades platform has significantly evolved, including the development of a modern, compliance-centric mid-market payroll solution in addition to a range of integrations and partnerships that address the hire-to-retire workflow needs of its customers.

SFW Partner Roger Freeman said: "We are pleased to have worked with Scott Rhodes and the Citizens team on the Greenshades transaction. Their deep knowledge of potential buyers with interest in the HR technology space enabled them to run a strong process and ultimately secure a positive outcome."

"The Citizens team impressed me early on with their eagerness to dive in and truly understand our business, a task that was made easier by their deep expertise in the Payroll and HR technology sector," said Greenshades CEO David Rosas. "My appreciation only grew throughout the process as Citizens navigated a complex transaction and ensured that the company and management were well-represented throughout."

Scott Rhodes, managing director at Citizens M&A Advisory, said: "Greenshades is poised for significant growth with its broader suite of software solutions for human capital management. Citizens is pleased to have advised the company on this important transaction to facilitate its aggressive growth strategy."

Citizens M&A Advisory specializes in middle-market mergers and acquisitions. Citizens combines sector intelligence with a client-focused approach to realize our clients' true value. The Citizens team has more than 150 M&A professionals specializing in a range of industries across the United States. Citizens M&A Advisory is part of Citizens Capital Markets, Inc., a subsidiary of Citizens Financial Group (NYSE: CFG).

About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation's oldest and largest financial institutions, with $226.7 billion in assets as of June 30, 2022. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,300 ATMs and approximately 1,200 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.

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