Chattanooga Renaissance Fund announces exit from Inova Payroll
Serving clients across the U.S., Inova Payroll has grown from a payroll-focused company to one offering comprehensive human capital management solutions. Part of its initial growth strategy was through the 2012 acquisition of Computerized Payroll Services, headquartered in Chattanooga. Since then, Inova Payroll’s performance earned it a spot on the Inc. 5000 list of fastest growing companies in 2016 and 2017.
Austin-based Tritium Partners, a private equity firm, completed a strategic merger between Inova Payroll and Atlanta-based Payroll Strategies to create a human capital management company in the Southeast. The newly combined company will operate under the strength of the Inova Payroll brand and will be led by Inova Payroll’s founder Farsheed Ferdowsi.
“CRF, in collaboration with the Tennessee Angel Fund (TAF) as well as other investor groups, was able to participate early in the growth of Inova Payroll, “ David Belitz, CRF Managing Partner of CRF, said. TAF is a statewide angel co-investment fund and is part of the TNInvestco Program founded in 2009 to create jobs by increasing the flow of capital to innovative, early stage Tennessee-based companies through its relationships with a cross section of venture capital funds in Tennessee.
“These relationships across the state are critical,” Belitz said. “Working with other Tennessee-based venture groups like TAF and Nashville Capital Network has bolstered CRF’s ability to better identify, engage, and exit early-stage companies and thus, drive stronger returns for investors.”
CRF was founded in 2010 to invest in and support high-growth potential companies in the southeast. This transaction marks its second successful exit following the acquisition of
Quickcue by OpenTable in 2013.