Payroll service provider Inova buys Pa. firm

Fast-growing Inova Payroll has bought a Pennsylvania company that grows its client base by two-thirds and lifts its annual revenues above $6 million. Terms of the transaction were not disclosed.

To help fund its acquisition of Total Payroll Services and invest in equipment to keep growing, two-year-old Inova also has received $5 million in capital from a group that includes original investors Nashville Capital Network and Tennessee Angel Fund. The funding completes the company's B round and means it now has received more than $9 million in capital since being launched.