SOURCE: CanopyHR Solutions

CanopyHR Solutions

December 20, 2010 15:19 ET

CanopyHR Solutions Receives Second Investment From Claritas Capital

Second Round of Funding Shows Promise for the Growing HR Firm

IRVINE, CA--(Marketwire - December 20, 2010) - CanopyHR Solutions, a progressive Orange County-based payroll and human resources firm, expands further with a second investment from Claritas Capital Fund III, LP.

"We remain impressed by CanopyHR and are happy to invest again in a company that shows so much promise," says Theresa Sexton, Vice President at Claritas. "CanopyHR continues to thrive, and we see a strong future ahead for the burgeoning company."

Claritas Capital focuses on development stage investments in companies with strong potential, and then uses its network of resources to add value to enhance that momentum. Attracted by the company's solid management team and smart financial structure, Claritas invested in CanopyHR Solutions earlier this year, along with the support of fellow CanopyHR investor Robert G. Allison, CEO of Innovative Partners and longtime advisor to Claritas. Now the investor is providing a second round of funding to CanopyHR Solutions, a strong sign of confidence in the company's long-term outlook.

The recent trend toward outsourcing human resources and payroll services underscores CanopyHR's tremendous opportunity for additional growth. It has begun to emerge as a leader in the marketplace, with the combined strength of its innovative technology integration style and a reputation for dedicated customer service.

"The resources Claritas Capital offers will continue to boost CanopyHR's ability to take a leadership role in the human resources industry," says Allison. "This company has strong values and an innovative approach that provide a substantial service to businesses in an uncertain economy."

Claritas has a long track record involving HR technology solutions, and its investments are expected to speed CanopyHR's growth as the firm acquires additional clients and makes its mark in the rapidly changing industry.

About Claritas Capital: Claritas Capital, with offices in Nashville and Irvine, is a private equity firm managing both debt and equity funds. The firm's six investment professionals have over 80 years of collective experience in private equity, mezzanine debt, investment banking, accounting and legal services. Since its founding in 2002, Claritas Capital has participated or led the financing of over 30 privately held equity and debt investments. For more information, please visit Claritas Capital's website at www.claritascapital.com.

About CanopyHR Solutions: Based in Irvine, Calif., CanopyHR Solutions is a progressive payroll and human resources company dedicated to helping its customers maximize the power of their people, increase business efficiencies, lower costs and focus on what they do best. CanopyHR Solutions first disrupted the status quo of the payroll and human resources in 2008 with a customer-first business model that allowed its customers to select only those service modules they need. Their innovative style and superior, consultative approach to service has allowed the agile company to thrive by arming customers with the tools and technology to support their payroll, benefits and HR administrative needs from recruitment to retirement at an unbeatable price point. Often found on the web by searching "Canopy HR" -- for more information, visit www.canopyhr.com.

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