D.A. Davidson & Co. announced today that it has served as exclusive financial advisor to Cforia Software, Inc., a company that delivers industry-leading order-to-cash (“OTC”) automation software, in its acquisition by Gemspring Capital, a Connecticut-based private equity firm focused on providing flexible capital solutions to lower middle market companies headquartered in the United States and Canada.
Founded in 2001 by CEO Chris Caparon and CTO Dave McIntyre, Cforia Software, Inc. has quickly evolved into a global enterprise solutions provider, delivering industry leading working capital and accounts receivable (A/R) automation software to highly-discerning customers including many companies across the Fortune 2000. Over 250 enterprises in 115+ countries are managing $425 billion in A/R turnover with Cforia’s software. Cforia’s heritage of success has been driven by superior technology integrated with proprietary real-time data integration tools across complex and disparate ERP systems. Cforia’s sophisticated solutions leverage machine learning and artificial intelligence to deliver demonstrably high-ROI outcomes through the reduction of various expenses typically associated with converting orders to cash.
“The Cforia management team has delivered impressively consistent growth as well visionary innovation over their nearly 20-year history,” said Joe Morgan, head of D.A. Davidson's technology investment banking group. “With their leadership position and new partner, Cforia is poised to capitalize on an exciting market opportunity as well as deploy significant resources across a number of important strategic initiatives.”
“We are quite grateful for the guidance provided by the D.A. Davidson technology investment banking team that secured this outcome,” Chris Caparon, CEO of Cforia, said. “Their buyer connectivity, transaction expertise, and ability to deliver an impressive outcome during a challenged economic period was much appreciated. We are very excited for our next phase of growth with Gemspring.”
McDermott Will & Emery acted as legal counsel to the buyer and Dykema acted as legal counsel to the seller.
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 five industry verticals: consumer, diversified industrials, financial institutions, real estate 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 26 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.