Payroll and human resources service provider Inova Payroll, based in Nashville, Tennessee, recently culminated a recapitalization with private equity firm Tritium Partners and concurrently merged with Payroll Strategies of Atlanta.
The combined entities will continue to market services as Inova Payroll. Founder, President and CEO Farsheed Ferdowsi described the agreement as combining well-matched firms.
"This transaction brings together two complementary businesses, along with a significant capital investment to fund our expanding services and national footprint," Ferdowsi said. “I am very excited to begin this next chapter by adding the talented Payroll Strategies team to Inova. The combination [unites] entities with comparable technology, processes, and an unrelenting commitment to exceptional service."
Payroll Strategies founder and CEO Mary Leveridge is poised to become Inova Payroll’s new executive vice president and plans to work directly with Ferdowsi. Describing their preliminary planning, she expressed satisfaction at the outcome.
"Farsheed and I worked diligently … for this successful merger of our companies, and I am delighted to bring our teams together today," Leveridge said. "Payroll Strategies' clients will see us transition to the Inova Payroll name over the next three months; however, our staff, services and office location will not change."
Inova maintains offices in Tennessee and Pennsylvania.