Human Capital Management

Human Capital Management

April 25, 2012

Mangrove Software Acquires SaaS HR/Payroll Expert CanopyHR Solutions

With an aim to strengthen its west coast market presence, Mangrove Software Inc., a company that reportedly simplifies operations in human capital management, has acquired CanopyHR Solutions, a premier provider of software-as-a-service (SaaS (News - Alert)) outsourced payroll, human resources and time and attendance solutions.

In addition to helping Mangrove grow its market presence, the acquisition will also allow the company to expand its operational capabilities with CanopyHR’s financial and intellectual assets. The acquisition will also allow Mangrove to collaborate with private equity firms Innovate Partners and Claritas Capital.

Two years ago, CanopyHR secured financing from Claritas Capital Fund III, LP. CanopyHR apparently caught the investor's attention with its solid management team and attractive financial structure, along with the endorsement of fellow CanopyHR investor Robert G. Allison, Founder and CEO of Innovate Partners and longtime advisor to Claritas.

Tampa, Fla.-based Mangrove is a major source of human capital management (HCM), payroll and benefits administration solutions for mid-market businesses. Mangrove’s fully integrated HCM/payroll solutions are used by companies to seamlessly recruit, manage, pay and analyze their workforce.

Mangrove offers innovative, personalized services for COBRA administration and consumer driven health plans, including flexible spending accounts (FSA), health savings accounts (HSA) and health reimbursement arrangements (HRA).

Irvine, Cali.-based CanopyHR Solutions is known for its fully integrated, SaaS HR/payroll platform – Canopy CORE. The solution is powered by Mangrove Software. The company serves small- and mid-market businesses (SMB) across the southwestern United States.

CanopyHR Solutions will be offered under the Mangrove brand upon the acquisition. CanopyHR’s clients are expected to enjoy an enhanced product experience, as Mangrove aims to help clients maximize the benefit of their HR/payroll solution by adding its product expertise and operational efficiencies to the solution.

“[CanopyHR] is a highly-valued Mangrove partner with a growing customer base currently using our software,” said Richard Cangemi, CEO of Mangrove Software. “This acquisition presents a great opportunity for us to grow our market presence across the Southwestern United States and to leverage the relationship, financial and intellectual capital of our new private equity partners – Innovate Partners and Claritas Capital.”  

Edited by Braden Becker

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