BOSTON, Sept. 11, 2025 ~ meQuilibrium (meQ), a leading global provider of proactive workforce mental health and performance solutions, has announced a significant growth investment from Bow River Capital's Software Growth Equity Team. The Denver-based alternative asset manager has also completed a strategic merger between meQ and RippleWorx, one of Bow River's portfolio companies.

The merger brings together two industry leaders in the human capital management (HCM) sector, with RippleWorx specializing in talent development systems and AI-driven insights for federal government entities, state and local law enforcement agencies. This move is driven by the shared industrial logic of strategic growth capital, operational infrastructure, and SaaS expertise to support meQ's fully integrated AI-powered ecosystem.

Jan Bruce, Founder and CEO of meQ, expressed excitement about the partnership with Bow River's Software experts. She believes that their deep domain expertise in the HCM sector and proven track record will support meQ's mission to provide client-first solutions. Bruce also highlighted meQ's competitive edge in addressing key HR business problems such as attrition, unplanned leave, and productivity impairment while promoting proactive prevention for all employees globally.

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Maitlan Cramer, Managing Director for Bow River Capital's Software Growth Equity Team, shared their focus on investing in leading SaaS firms that solve complex compliance-centric use cases in HCM and mission-critical verticals. Cramer added that their operational playbook is based on two decades of experience working with global organizations to address rising healthcare costs related to workforce mental health risks and employee disengagement. The merger between meQ and RippleWorx aligns with their HR Tech investment thesis.

Steve Foster, CEO of RippleWorx, expressed enthusiasm about working with Jan Bruce and the meQ team to tackle the number one priority for Global 2000 organizations - the war on talent. He believes that with Bow River's significant growth capital, they can enable organizations to become more competitive by leveraging their thriving global talent pools and mitigating the risks of mental health and employee disengagement.

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Bow River Capital's investment reflects the growing 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 has recently added an Employee Assistance Program (EAP) service option and plans to introduce pulse surveys and additional analytics capabilities to its platform.

Piper Sandler served as financial advisor to meQuilibrium, while Morgan Lewis LLP served as legal counsel. Morrison & Foerster LLP acted as legal counsel for Bow River Capital and RippleWorx in connection with the transaction. This partnership between meQ and Bow River Capital is expected to bring significant growth opportunities for both companies in the HCM sector.

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