News

D.A. Davidson & Co. Acts as Exclusive Strategic and Financial Advisor to Govenda in Its Sale to OnBoard

June 10, 2024

D.A. Davidson & Co. announced today that it served as exclusive financial advisor to Govenda, a board portal and corporate governance software platform known for artificial intelligence (AI) applications, in its sale to Passageways, parent company of OnBoard, a leading provider of digital board governance solutions and portfolio company of JMI Equity. Govenda is a portfolio company of Growth Street Partners, a San Francisco-based growth equity fund, and founded by Marion Lewis and Jeanette Thomas.

Founded in 2014 as BoardBookit, Govenda equips corporate boards, C-suites, and in-house legal counsel with advanced capabilities to unify governance workflows to reduce compliance risks and improve decision-making. The intuitive, AI-enhanced boardroom experience helped Govenda garner more than 600 customers across multiple industries including financial institutions, healthcare, higher education, and trade associations.

"Technology has become a key point of differentiation in the Board room, and we believe the combination of Govenda and OnBoard will create a dominant solution with the backing of a premier private equity group," said Greg Thomas, Managing Director, Co-Head of Technology Investment Banking at D.A. Davidson.

The acquisition will also enable both OnBoard’s and Govenda’s customers and boards to achieve improved governance. Clients will benefit from the combination of unique capabilities to deliver an enhanced user experience with best-in-class governance AI, real-time collaboration tools, and the most secure and data-compliant environments.

"Our combination with OnBoard creates the most innovative Board solution on the market," added Marion Lewis, the Co-Founder and CEO of Govenda. "The team at D.A. Davidson provided critical, strategic advice and senior-level attention from our earliest meeting through close. We are thankful for our partnership with their team and believe their industry expertise and buyer relationships played a critical role in our success."

This transaction highlights the ongoing success of D.A. Davidson's Technology Investment Banking practice, which has completed 100+ transactions representing approximately $21 billion in value since 2020. D.A. Davidson’s Technology Investment Banking practice has coverage of software, financial technology, tech-enabled services and communications technology.

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 with corporate headquarters in Great Falls, Montana, and regional headquarters in Denver, Los Angeles, New York, Omaha and Seattle, the company has approximately 1,600 employees and offices in 29 states.

Subsidiaries include: D.A. Davidson & Co., a full-service investment firm providing wealth management, investment banking, equity and fixed income capital markets services, and advice; Davidson Investment Advisors, a professional asset management firm; and D.A. Davidson Trust Company, a trust and wealth management company.