Chattanooga Renaissance Fund Announces Strategic Exit Of Inova Payroll

Thursday, November 30, 2017

Founded in 2010 to invest in and support high-growth potential companies in the southeast, Chattanooga Renaissance Fund (CRF) announced its exit of Nashville-based Inova Payroll. This marks CRF’s second successful exit following the acquisition of Quickcue by OpenTable in 2013.

Serving clients across the United States, 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 its 2012 acquisition of Computerized Payroll Services (CPS), headquartered in Chattanooga. Since then, the company’s continued performance earned it a spot on the Inc. 5000 list of fastest growing companies in 2016 and 2017. Tritium Partners, a private equity firm located in Austin, Texas, completed a strategic merger between Inova Payroll and Atlanta-based Payroll Strategies to create a leading 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.

Chattanooga Renaissance Fund exited its position in Inova Payroll with this transaction. “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,“ said David Belitz, managing partner of CRF. TAF is a statewide angel co-investment fund and is part of the TNInvestco Program. Founded in 2009, TNInvestco aimed 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. Working with other TN-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,” said David Belitz.

 


Marissa Bell Joins Waterhouse Public Relations

Waterhouse Public Relations has expanded its team with a new account executive focused on client needs, strategy and media relations. In her seventh year as a communications professional, Marissa Bell brings a range of experience in digital media, broadcasting, public relations and government affairs. “Marissa is a strong addition to our team, bringing with her a deep knowledge ... (click for more)

Burlington Opens New Location In Chattanooga

Burlington Stores is opening a new store in Chattanooga at The Village at Waterside, 2521 Lifestyle Way, on Friday, May 11. The retailer will hold a ribbon cutting at 9:30 a.m. “We are thrilled to open a new Burlington in the Chattanooga community, bringing even more jobs to the neighborhood and providing local residents with a valued shopping experience,” said Tom Kingsbury, ... (click for more)

McCallie Coach From 90s Who Is Now Deceased Is Accused Of Abusing Students

A McCallie School coach from the 1990s who is now deceased is being accused of abusing students at the private prep school. Two former students said Steven Lee "Steve" Carpenter sexually abused them. Carpenter was the basketball coach at McCallie for 11 seasons - through 1999. He was boys basketball coach at Ridgeland High School beginning in 2000. Carpenter was ... (click for more)

Famed Radio Broadcaster Tommy Jett Dies At 77 At His Flintstone Home

Legendary radio broadcaster Tommy Jett (Thomas Wayne Reynolds) died Wednesday in his sleep at his residence in Flintstone, Ga.   He was 77. The native of Smithville, Tn., first was heard on Chattanooga radio in 1961 when he joined WFLI. He was known for his gaudy rings and his "Hey Now" greeting. He switched to country on WDOD in the 1980s and later was on "The Legend" ... (click for more)

Pluses And Minuses Of Tennessee's New Opioid Law

It was clear when Governor Haslam announced his TN Together plan in January that lawmakers were going to do something to try to address the state’s opioid abuse epidemic. With the passage of SB 2257/HB 1831, Tennessee now has one of the most comprehensive and restrictive laws of any state.   The Tennessee Medical Association was actively engaged in the process and appreciates ... (click for more)

Roy Exum: A True Tennessean

“Last week I told some Republican friends who have held high office, traditional and true Republicans, who like you are both conservative and compassionate, Christians in their personal faith and public service,” the email began. “These are Tennessee Republicans that I have known for decades, and whom I'd trust with my life and my wife … I told them that my views and values make ... (click for more)