News & Insights

SFW News
Oct, 4
SFW Capital Partners Sells Greenshades Software

RYE, N.Y.-- SFW Capital Partners (“SFW”), a specialized private equity firm, today 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.

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.

“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.”

Citizens M&A Advisory served as financial advisor to Greenshades in connection with this transaction.

About Greenshades Software
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. For more information, visit

About SFW Capital Partners
SFW Capital Partners is a private equity firm focused on building market leading companies in the industrial and life sciences technology sector. SFW partners with profitable founder- and family-owned companies and provides its capital, resources, and network to make significant growth-oriented investments and drive long-term value creation. For more information, visit