D.A. Davidson Serves as Exclusive Financial Advisor to HeroDevs in $125 Million Strategic Growth Investment from PSG

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3:18 PM on Tuesday, August 26

The Associated Press

NEW YORK--(BUSINESS WIRE)--Aug 26, 2025--

D.A. Davidson & Co. today announced its role as exclusive financial advisor to HeroDevs, a leading provider of security and compliance solutions for deprecated open source software (OSS), in connection with its recently completed $125 million strategic growth investment from PSG Equity (“PSG”), a leading growth equity firm partnering with software and technology-enabled services companies.

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HeroDevs, founded by Aaron Frost, is experiencing rapid growth driven by the abundance of legacy OSS that play a critical role in the enterprise software stack, many of which are no longer supported or maintained. The rapid development and deployment of AI within these stacks has created a critical market of need. HeroDevs helps protect against vulnerabilities that often lead to data breaches and cyberattacks, while giving teams the flexibility to plan secure software transitions on their own timeline.

“The growth of HeroDevs clearly highlights the emerging, critical problem of security and compliance within open-source,” said Greg Thomas, Managing Director, Co-Head of Technology Investment Banking at D.A. Davidson. “We are thrilled for the partnership between Aaron, the team at HeroDevs and PSG and its impact on the broader OSS community.”

“We can’t say enough about our partnership with D.A. Davidson,” said Aaron Frost. “We met with so many great potential investment partners starting at their Big Sky Summit, which really accelerate our ability to identify our ideal fit. Their assistance and advice was critical throughout.”

The investment, one of the largest in Utah this year, underscores D.A. Davidson’s commitment to delivering trusted, high-impact advisory services to leading growth companies in the software and broader technology ecosystems. Further, this investment highlights the ongoing success of D.A. Davidson's Technology Investment Banking practice, which has completed 125+ transactions representing approximately $25 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.

D.A. Davidson’s Investment Banking division is a leading full-service investment bank that offers comprehensive financial advisory and capital markets expertise. The group has extensive transaction experience serving middle-market clients worldwide across four industry verticals: Consumer, Diversified Industrials, Financial Institutions, and Technology. Together with its European strategic partner, MCF Corporate Finance, D.A. Davidson originates and executes transatlantic M&A transactions under the common brand of D.A. Davidson MCF International.

View source version on businesswire.com:https://www.businesswire.com/news/home/20250826393649/en/

CONTACT: Deal Team Contacts:

Greg Thomas, Managing Director, Co-Head of Technology Investment Banking |[email protected]

David Douglas, Director |[email protected]

Derek Heinonen, Vice President |[email protected] Contact:

Emily Roy

Prosek for D.A. Davidson

(646) 818-9232

[email protected]

KEYWORD: UNITED STATES NORTH AMERICA UTAH NEW YORK

INDUSTRY KEYWORD: PROFESSIONAL SERVICES SECURITY TECHNOLOGY SOFTWARE FINANCE CONSULTING BANKING

SOURCE: D.A. Davidson & Co.