Gryphon Investors (Gryphon), a leading middle-market private equity firm based in San Francisco, announced that it has completed a majority growth recapitalization of phData (the Company), an industry leader in developing and delivering modern data applications and AI solutions. This investment will support phData’s continued growth of its differentiated set of end-to-end offerings and its expert global team. As part of the transaction, the Company’s management team, including CEO Ryan Bosshart, will retain a significant equity stake in the Company. Financial terms for the transaction were not disclosed.

Latham & Watkins LLP represented phData in the transaction with a corporate deal team led by Boston partner Ryan McCarthy and associate Laki Triantafylidis, with associates Dante Spurlock and Brian Wolgast. Advice was also provided on tax matters by Bay Area partner Katharine Moir, with associate Abigail Friedman; on benefits and compensation matters by Boston partner Josh Friedman, with associate Rebecca Fishbein; on labor and employment matters by New York counsel Sandra Benjamin, with associate Jocelyn Wexler; on intellectual property and data privacy matters by Boston partner Sarah Gagan, with associates Deborah Hinck and Alex Theuer; on insurance matters by San Diego/Los Angeles counsel Hannah Cary; and on antitrust matters by Washington, D.C. partner Patrick English, with associate Ben Bouwman