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.

Ashley HomeStore Opens 1st Cleveland Showroom With Holiday-Inspired Activities Dec. 9
  • 12/5/2022

Ashley HomeStore has opened its first Cleveland location at 4540 Frontage Road NW, presenting a "complete selection of home furnishings and room packages within an enhanced shopping experience." ... more

New Hamilton County Business Licenses
  • 12/5/2022

Here are the new business licenses from the County Clerk's office: ABUNDANCE PRO CLEANING SERVICE LLC FOULEMATOU SYLLA 4608 NORCROSS RD APT B HIXSON TN 37343 ADCOCK CUSTOMS CYRUS M ADCOCK ... more

Martin L. Pierce Selected As 2022 Super Lawyer
Martin L. Pierce Selected As 2022 Super Lawyer
  • 12/3/2022

Attorney Martin L. Pierce, a certified estate planning specialist with Pierce & Huisman, PLLC in Chattanooga (Hixson), has been selected for inclusion as a 2022 Mid-South Super Lawyer in ... more

Placeholder New Ad Type will go here