Bow River Capital's Software Growth Equity Team Completes Majority Recapitalization of meQuilibrium with RippleWorx. The Merger 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

DENVER, Sept. 11, 2025 /PRNewswire/ -- Bow River Capital, a Denver-based alternative asset manager, today announced its Software Growth Equity Team has completed the strategic acquisition of meQuilibrium ("meQ") the global leader in proactive workforce mental health and performance management solutions. This strategic merger further strengthens its cloud-based solutions: addressing employer / employee mental health risks with predictive analytics and digital programming; innovative talent development systems and listening software for frontline workers, corporate staff, managers, C-suite leaders for both the private and public sector; and pulse surveys, real-time analytics specifically designed for state and local law enforcement, and all types of staffers in the DOD.

This merged company's global personnel will be dual headquartered in Denver and Boston, led by meQ Founder and CEO Jan Bruce with support from veteran tech leader Steve Foster, serving as Chairman and Head of Revenue Growth; both executives will serve on the Company's Board of Directors.

Jan Bruce, Founder and CEO of meQ, states, "we are thrilled to work with Bow River's Software experts, who shared 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 then says, "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."

Morrison & Foerster LLP served as legal counsel to Bow River Capital and RippleWorx in connection with the transaction. Wipfli served as financial and tax due diligence to Bow River Capital and RippleWorx in connection with the transaction. Piper Sandler served as financial advisor to meQuilibrium.

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, please visit www.BowRiverCapital.com

Media Contact: Jane Ingalls, Bow River Capital 303-861-8466

About meQuilibrium

meQuilibrium (meQ) is the world's leading workforce resilience expert and the first AI workforce risk predictive 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.

For more information, please visit www.mequilibrium.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, please visit www.rippleworx.com

SOURCE Bow River Capital