DENVER, CO—June 25th, 2025—Bow River Capital, a Denver-based alternative asset manager, announced today that its Software Growth Equity team completed a majority recapitalization of Topia (“Company”), a Global Mobility Management and Distributed Work Compliance platform. The company was founded in 2010, and has secured marquee clients across every Global 2000 industry vertical, supported from its new global headquarters in Denver, Colorado. Topia’s platform centralizes global workforce compliance, and regulatory, tax withholding risks for programs and companies of all sizes.
Topia helps companies manage global talent mobility—supporting everything from remote work and business travel to relocations and assignments. Its platform automates planning, payroll, compliance, and reporting, making it easy to put the right people in the right place, stay compliant, and deliver a better employee experience.
This investment positions Topia to further expand its market-leading solutions in global talent mobility and work location compliance—including the company’s Monaeo product line—at a time when managing where and how work gets done is more critical than ever. As hybrid work, business travel, and cross-border employment continue to accelerate, Topia provides a unified solution to reduce tax exposure, streamline audit readiness, and stay compliant in every jurisdiction.
“Global mobility is a massive and fast-growing market—and it’s long overdue for AI-driven innovation,” said Mark Lemmons, Chief Technology Officer at Topia, “Topia is in the perfect position to lead that charge. Together, we’re excited to build smarter, more automated solutions that help companies manage distributed teams with less friction and more confidence.”
Bow River Capital’s investment will accelerate Topia’s go-to-market strategy, product development roadmap, and geographic expansion. The Software Growth Equity team brings deep experience scaling enterprise SaaS companies and will work closely with Topia’s leadership to deepen its customer impact and operational excellence.
David J. Walters, President and CEO at Topia stated, “Our number one company priority is aimed at delivering significant value and best practices outcomes to our global clients, synchronized with major investments in new products and technology and a new service delivery model. We are excited to work closely with Bow River Capital’s Software Growth Equity team to drive customer value as we innovate the global mobility market together.”
About Bow River Capital
Bow River Capital is a private alternative asset manager based in Denver, Colorado, focused on investing in the lower and middle market in five asset classes: defense technology, private credit, private equity, real estate, and software growth equity. Through its subsidiary Bow River Advisers, LLC, Bow River Capital also offers a registered 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 Topia
Topia provides enterprise-grade solutions for managing work location flexibility, compliance, and distributed workforce operations. Topia offers platforms for Global Mobility Management, Work Location Compliance, and Remote and Hybrid Work Compliance, enabling organizations to efficiently oversee employee movement, mitigate compliance risks, and streamline remote work policies. By leveraging automation and real-time tracking, Topia helps businesses optimize workforce management while ensuring regulatory and tax compliance across multiple jurisdictions.
For more information, visit www.topia.com
Media Contact: Emily Jahn, Topia Inc., 415-465-8484