D.A. Davidson & Co. announced today that it has served as exclusive financial advisor to Chronus, the leader in mentoring software, in securing a $78 million growth equity investment from Level Equity to fund key growth initiatives and accelerate its ability to serve the needs of organizations looking to adapt their workforce to thrive in a more hybrid and inclusive future.
Based in Seattle and founded in 2007, Chronus is a leading mentoring software solution for enterprises and organizations who are seeking to improve diversity, equity and inclusion. With nearly 15 years of experience and the largest, most-diverse team in the industry, Chronus has helped organizations launch, manage, scale and measure mentorship programs that address critical business initiatives across the employee lifecycle such as employee retention, talent development and DEI (diversity, equity and inclusion).
“The D.A. Davidson technology investment banking team played an integral part in helping us secure this milestone event for Chronus,” said Seena Mortazavi, CEO of Chronus. “The D.A. Davidson team took the time to understand our business and pair our success with their unmatched execution capabilities to achieve this great outcome for Chronus.”
Chronus is well-positioned to capitalize on the dynamically changing modern workforce where there is an increasing focus within enterprises, academic institutions and nonprofit organizations to improve diversity, equity and inclusion. The company’s dynamic virtual platform is built to traverse the many challenges of connecting mentors and mentees in today’s hybrid workplace. Chronus’ unique user experience puts the employee at the center of their mentoring relationships, and by integrating with today’s top workforce technology ecosystems such as Microsoft Teams, Slack and Zoom, Chronus is able to drive the highest mentoring engagement rates in the industry.
“Seena and his team have done an excellent job of building Chronus into the market leader in mentoring software and have established Chronus as a critical platform in the larger HCM space,” said Joe Morgan, managing director and co-head of technology investment banking at D.A. Davidson. “Finding a partner with the capabilities that Level Equity has will be critical for the company’s next stage of growth. We are confident this partnership will drive meaningful growth for Chronus going forward.”
The transaction represents another successful closing by D.A. Davidson's technology investment banking group. With the recently announced acquisition of Marlin & Associates, D.A. Davidson will be the 5th most active technology group in the United States on M&A deals under $250 million. Since 2019, the combined technology group has completed over 40 advisory transactions and raised more than $20 billion in total capital across 35+ public offerings.
D.A. Davidson’s investment banking division is a leading full-service investment bank that offers comprehensive financial advisory and capital markets expertise. The group has extensive transaction experience serving middle market clients worldwide across four industry verticals: consumer, diversified industrials, financial institutions, and technology.
Together with its European strategic partner, MCF Corporate Finance, D.A. Davidson originates and executes transatlantic M&A transactions under the common brand of D.A. Davidson MCF International.
About D.A. Davidson Companies
D.A. Davidson Companies is an employee-owned financial services firm offering a range of financial services and advice to individuals, corporations, institutions and municipalities nationwide. Founded in 1935 and headquartered in Montana, with corporate offices in Denver, Los Angeles, Portland and Seattle, the company has approximately 1,400 employees and offices in 28 states.
Subsidiaries include: D.A. Davidson & Co., the largest full-service investment firm headquartered in the Northwest, providing wealth management, investment banking, equity and fixed income capital markets services, and advice; Davidson Investment Advisors, a professional asset management firm; D.A. Davidson Trust Company, a trust and wealth management company; and Davidson Fixed Income Management, a registered investment adviser providing fixed income portfolio and advisory services.
For more information, visit dadavidson.com.