Inova Payroll has been recapitalised by Tritium Partners, alongside a merge with Atlanta-based Payroll Strategies.
The capital supplied by Tritium was used to help the merger, but additional capital was provided to support additional growth plans, which include organic and acquisition strategies. Following the transaction, Payroll Strategies will operate under the Inova Payroll name, but the staff, services and office location will remain the same.
Inova is an online payroll, tax filing and HR solution system that helps employers across the US. Through the solution a business can gain management of employee health insurance, worker compensation, time and attendance, background checks, PayCards and tax credits.
Founded in 2003, Payroll Strategies offers payroll processing technology, work force management, scheduling application and workforce management for businesses.
Inova Payroll founder Farsheed Ferdowsi said, “This transaction brings together two complementary businesses, along with a significant capital investment to fund our expanding services and national footprint.”
Last year Tritium Partners made a $22m investment into cross-border payments network PayCommerce, as it looked to expand its client base. Some of the other FinTech companies in the firm’s portfolio are online payment fraud protection company Giact, and cross-border e-commerce technology provider Global Access.
This is the second payroll company to merge this week, with HR Knowledge being acquired by The Hibb Group. HR Knowledge offers payroll, employee benefits, human resources management and benefits brokerage and administration.
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