NCN Case Study:Inova Payroll

Inova Payroll

Inova Payroll is a cutting-edge payroll and HR services firm founded in May 2011 by payroll industry veteran Farsheed Ferdowsi. Inova was brought to the attention of NCN in the summer of 2011 by an NCN Angel Group member who had participated in the company’s seed financing.

NCN worked together with its network of angel investors and advisors to evaluate Inova as an investment opportunity. Ultimately, its NCN Angel Fund and Tennessee Angel Fund joined the Chattanooga Renaissance Fund and other existing investors in completing a $4.2 million Series A round. Post-funding, Inova has continued to leverage NCN’s relationships to find business leads and to develop new opportunities as it expands across Middle Tennessee and beyond.

In late 2011, Inova was introduced to an attractive acquisition candidate by an NCN partner in Chattanooga. Inova leveraged NCN’s network to raise a $3.5 million Series B round, which included both new and existing NCN Angel Group members.

With the acquisition completed in May 2012, Inova retained 7 jobs in Knoxville and 17 jobs in Chattanooga. Today, Inova stands as the largest Tennessee-based payroll services provider with 41 employees in the state of Tennessee. The company is poised to continue upon its trajectory of rapid growth and to expand its presence in Knoxville along with its other Tennessee markets.

In Inova’s first year of operation, NCN’s statewide network has helped the company raise capital, facilitate a game-changing acquisition, and make valuable introductions to new customers.