Mangrove Software Acquires SaaS HR/Payroll Leader CanopyHR Solutions and Strengthens Relationships with Private Equity Firms Innovate Partners and Claritas Capital

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Mangrove Software acquired CanopyHR Solutions, a leading provider of software-as-a-service (SaaS) HR/payroll solutions, to broaden its market presence and strengthen relationships with private equity partners Innovate Partners and Claritas Capital. CanopyHR now operates as Mangrove Software.

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"This acquisition presents a great opportunity for us to grow our market presence... and to leverage the relationship, financial and intellectual capital of our new private equity partners - Innovate Partners and Claritas Capital."

Mangrove Software, Inc., a leading provider of human resources, payroll and benefits administration software and services for mid-market businesses, today announced that it has completed the acquisition of CanopyHR Solutions, Inc., a leading provider of software-as-a-service (SaaS) outsourced payroll, human resources, and time and attendance solutions. As a result of the acquisition, Mangrove has broadened its west coast market presence, expanded operational capabilities and entered into a partnership with private equity firms Innovate Partners and Claritas Capital.

CanopyHR Solutions, headquartered in Irvine, California, services small- and mid-market businesses (SMBs) across the southwestern United States with Canopy CORE, its fully integrated, SaaS HR/payroll platform powered by Mangrove Software. By lending product expertise and operational efficiencies, Mangrove aims to enhance the customer experience, helping CanopyHR’s clients to maximize the full benefit of their HR/payroll solution. CanopyHR Solutions now operates as Mangrove Software.

“We are excited to have CanopyHR join the Mangrove family. The company is a highly-valued Mangrove partner with a growing customer base currently using our software,” said Richard Cangemi, Chief Executive Officer 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."

About Mangrove Software

Mangrove Software, Inc., based in Tampa, Florida is a leading provider of human capital management (HCM), payroll and benefits administration solutions for mid-market businesses. Mangrove’s fully integrated HCM/payroll solution helps companies 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). To learn more information about Mangrove Software, visit http://www.emangrove.com. Human Capital. Simply Managed.

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Noelle Bradley
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