Gryphon and Portfolio Company News

Gryphon Investors Brings on Carl Theobald as Software Operating Partner

San Francisco, CA -

Gryphon Investors, a San Francisco-based private equity firm, announced today that Carl Theobald has joined the firm as an Operating Partner and co-head of its Software Group. Theobald will work directly with Gryphon President and Partner Nick Orum and Principal Jon Cheek to source, analyze, execute, and manage Gryphon’s software investments.

A three-time Software-as-a-Service (“SaaS”) CEO, Mr. Theobald has 25 years of experience driving rapid growth for software and SaaS companies. After serving in several executive roles at Oracle, Mr. Theobald served as SVP of Products and Customer Service at Serena Software. Following Serena Software, he successively became CEO at 2checkout, a digital commerce platform; FollowAnalytics, a mobile marketing automation platform; and RichRelevance, a leading personalization technology provider. Mr. Theobald holds an MSE in Engineering-Economic Systems from Stanford University and a BS in Electrical Engineering from Princeton University.

Mr. Orum said, “We are delighted to welcome Carl to the Gryphon team. His experience building software companies, starting from product vision through to execution, makes him a natural fit for Gryphon’s proven strategy of partnering with management teams to drive transformational growth in the software industry.” 

“In addition to his SaaS CEO experience, Carl brings a strong technical background from his tenure as a senior technology executive,” said Mr. Cheek. “His diverse software experience helps us support our portfolio companies and provides Gryphon with differentiated insights as we evaluate new software opportunities.”

Mr. Theobald said, “I am excited to enter this new stage of my career. Having built several high-growth and innovative software businesses, I now look forward to partnering with the management teams of each portfolio company in applying my skills to build these businesses together. I greatly admire Gryphon’s strategy and am thrilled to be a part of this team.”

About Gryphon Investors

Based in San Francisco, Gryphon Investors ( is a leading private equity firm focused on profitably growing and competitively enhancing middle-market companies in partnership with experienced management. The firm has managed nearly $5.0 billion of equity investments and capital since 1997. Gryphon targets making equity investments of $100 million to $300 million in portfolio companies with sales ranging from approximately $100 million to $500 million. Gryphon prioritizes investment opportunities where it can form strong partnerships with owners and executives to build leading companies, utilizing Gryphon’s capital, specialized professional resources, and operational expertise.


Caroline Luz

Lambert & Co.