Transaction Creates the Market-Leading Human Capital Management Firm Addressing Workforce Mental Health and Performance Risks. Combination Delivers AI-Driven Predictive Solutions, Marquee Global Customer Base, and Experienced Healthcare Expertise
Boston, MA – meQuilibrium (meQ), the global leader in proactive workforce mental health and performance solutions, today announced it has completed a significant growth investment from Bow River Capital’s Software Growth Equity Team, a Denver-based alternative asset manager, and simultaneously completed its strategic merger with Bow River’s portfolio company, RippleWorx. RippleWorx is a cloud-based, HCM leader focused on creating talent development systems and AI-driven insights, purpose built for federal government entities, state and local law enforcement agencies.
The industrial logic supporting this transaction is centered on strategic growth capital, operational infrastructure to accelerate global scale, and critical SaaS expertise to support every dimension of meQ’s fully integrated AI-powered ecosystem. The investment will allow meQ to further disrupt and deliver comprehensive innovations addressing every organization’s workforce mental health, employee performance, and business risks.
Jan Bruce, Founder and CEO of meQ, states, “We are thrilled to work with Bow River’s Software experts, who share our technological vision with deep domain expertise in the HCM sector and the proven track record to support our client-first mission and solutions.” Jan adds, “meQ is competitively distinguished in the employer mental health and resilience landscape for its focus on solving key HR business problems negatively impacting business execution like unwanted attrition, unplanned leave, and productivity impairment, while also delivering proactive and sustainable prevention for all employees globally.”
Maitlan Cramer, Managing Director for Bow River Capital’s Software Growth Equity Team added, “John Raeder and I are focused on thematically allocating our SGE fund’s growth capital into leading SaaS firms solving the most complex, compliance-centric use cases in HCM and mission critical vertical SaaS businesses.” Maitlan further states, “We have developed an operational playbook adapted from two decades of pattern matching with leading global organizations focused on driving down today’s rapidly escalating healthcare costs correlated to workforce mental health risks and employee disengagement; unifying meQ and RippleWorx’s infrastructure, product roadmaps, and intelligent AI solutions foots to our HR Tech investment thesis.”
Steve Foster, CEO of RippleWorx, states, “With robust, secular momentum and significant growth capital from Bow River, I’m excited to work with Jan and the meQ team on solving Global 2000 organization’s number one priority focused on the war on talent and enabling the world’s best run organizations to become competitively advantaged with their thriving global talent pools, mitigating the risks of mental health and employee disengagement.”
Bow River Capital’s investment reflects broad momentum in the HCM technology sector, where organizations are increasingly prioritizing real-time insights, predictive analytics, and employee-centric solutions to drive performance and manage risk. meQ recently added an EAP service option and will soon add pulse surveys and additional analytics capabilities to its platform.
Piper Sandler served as financial advisor to meQuilibrium. Morgan Lewis LLP served as legal counsel to meQuilibrium. Morrison & Foerster LLP served as legal counsel to Bow River Capital and RippleWorx in connection with the transaction.
About meQuilibrium
meQuilibrium (meQ) is the world’s leading workforce resilience expert and the first to offer an AI-driven, predictive workforce risk solution. meQ identifies, addresses, and measures the root cause of risks to workforce performance at an individual and organizational level, delivering personalized solutions at global scale. Our mission is to make any workforce a workforce for growth. The meQ solution is available in 17 languages and serves global enterprises in 130 countries.
About Bow River Capital
Bow River Capital is a private alternative asset management company based in Denver, Colorado. Founded in 2003, the firm was established with a vision of building a world class, diversified investment management platform committed to the middle market. Bow River has six private fund platforms: National Defense Technology, Private Credit, Private Equity, Real Estate, Software Growth Equity and Asset-Based Financing. Through its subsidiary Bow River Advisers, LLC, the firm also offers a registered, closed-end mutual fund – Bow River Capital Evergreen Fund (EVERX) – designed to provide institutional-quality private market access to a broader set of investors. Collectively, the Bow River Capital team has deployed capital into diverse industries, asset classes and across the capital structure. In addition, Bow River Capital maintains joint venture partnerships with ONE Bow River Advisers, LLC and Thornburg Bow River Advisers, LLC. For more information, visit www.BowRiverCapital.com.
About RippleWorx
RippleWorx is a pioneering talent development software company that integrates hard deliverable KPIs with soft people analytics. By harnessing the power of AI-driven insights, RippleWorx empowers organizations to align personal and organizational goals, drive performance, and foster a culture of continuous improvement. Founded in 2017 with headquarters in Huntsville, Alabama, and additional offices in Atlanta, RippleWorx offers innovative SaaS solutions that address retention, motivation, to accelerate performance for frontline, deskless workforces. RippleWorx has been named in the Inc. 5000 list twice consecutively and has received accolades for its wellness solutions, including recognition as a DoD Technology Provider and for its law enforcement wellness. With 34 employees and over 50 clients, RippleWorx is committed to helping organizations unlock the full potential of their workforce. For more information, visit www.rippleworx.com.
