Le Lézard
Classified in: Science and technology, Business
Subjects: VEN, CXP

PrismHR Announces Investment from Stone Point Capital to Fuel Growth


HOPKINTON, Mass., Dec. 2, 2019 /PRNewswire/ -- PrismHR, the leading HR technology platform powering payroll, benefits and HR for small and medium-sized businesses across the U.S., today announced that funds managed by Stone Point Capital LLC have taken a majority stake in the company. Stone Point, a leading private equity firm focused on investing in the financial services industry, joins existing investor Summit Partners as the company continues its quest to fuel the growth of America's small businesses through HR, benefits and technology that level the playing field with large enterprises.

PrismHR Logo

"Stone Point, with its experience in PEO, employee benefits and HR technology, will be an incredibly valuable resource for us as we further our strategy to deliver software and services to our network of 300+ HR outsourcers serving small businesses nationwide," said Gary Noke, President and CEO of PrismHR. "We see a tremendous opportunity to use technology and data to make it easier and more cost effective for our HRO partners to improve operational efficiency and to deliver a world-class client and employee experience."

"We're thrilled to be partnering with PrismHR and believe that there is significant opportunity for growth for HR outsourcers serving the SMB market," said Jarryd Levine, Principal of Stone Point. "PrismHR and its network of HR service providers can bring incredible value to employers by helping them lower costs and compete in new ways through the use of technology to deliver quality services and top-tier benefits products to their employees."

"As the HR function becomes increasingly complex, we have observed continued growth in the demand for outsourced HR solutions for SMBs," said Scott Collins, Managing Director at Summit Partners, which invested in PrismHR in 2017. "With a sophisticated, scalable and comprehensive platform, we believe PrismHR is strongly positioned to help SMBs manage this complexity. It has been a pleasure to work alongside Gary to expand the PrismHR team and enhance the platform, and we are looking forward to continuing our partnership."

William Blair served as investment advisors and Kirkland & Ellis served as legal advisors for both PrismHR and Summit Partners in the transaction. Kramer Levin Naftalis & Frankel LLP served as legal advisor to Stone Point. 

About PrismHR
PrismHR's mission is to fuel the growth of small and medium-sized businesses (SMBs) across the U.S. Our HR software, combined with our ecosystem of HR service providers, enables SMBs to manage payroll, benefits, and HR, leveling the playing field with large enterprises. Today, PrismHR software delivers world-class HR services to more than 80,000 organizations and over 2 million worksite employees, processing greater than $80 billion in payroll each year. PrismHR is located in Hopkinton, Mass. For more information, visit www.prismhr.com.

About Stone Point Capital LLC
Stone Point Capital LLC is a financial services-focused private equity firm based in Greenwich, CT. The firm has raised and managed eight private equity funds ? the Trident Funds ? with aggregate committed capital of more than $25 billion. Stone Point targets investments in companies in the global financial services industry and related sectors. For more information, please visit www.stonepoint.com.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $19 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 500 companies in technology, healthcare and other growth industries. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, please see www.summitpartners.com or on Twitter at @SummitPartners.

Contacts:
PrismHR
Maryellen Edwards
(508) 774-7261
medwards@prismhr.com

Summit Partners
Meg Devine
(617) 824-1047
mdevine@summitpartners.com 

Stone Point Capital
Mary Manin
(203) 862-3126
mmanin@stonepoint.com

SOURCE PrismHR


These press releases may also interest you

at 08:05
Imaging USA ? Booth #375 ? Ontrack, LLC, the world's leading data recovery service provider, today announced Gold Corporate Member status with Professional Photographers of America, (PPA). PPA members can now receive exceptional member discounts and...

at 02:33
Cellcom Israel Ltd. (the "Company") announced today that Mr. Ron Shvili, the Company's CTO, informed the Company of his intention to resign as CTO in the near term at a date yet to be determined. Mr. Nir Sztern, the Company's departing CEO said:...

at 02:30
The Hong Kong subsidiary of China Electronics Corporation (hereafter "CEC") signed a Share Purchase Agreement (SPA) to acquire Pactera Group. According to the agreement, Pactera is now officially a member company of CEC. Established in 1995, Pactera...

at 01:00
Telaeris, a handheld badge verification and emergency mustering solutions provider for physical access control systems (PACS), today announced its XPressEntry software integration with Bosch's Access Engine (ACE) access control software at Intersec...

at 00:18
The Beijing Summit of the Global Sharing Economy Forum, hosted by the China General Chamber of Commerce (CGCC) the China Association for the Promotion of Industrial Development (CAPID), and the National Development and Reform Commission (NDRC), and...

at 00:13
On January 16, The "Great Sharing, New Economy?Beijing Summit of the Global Sharing Economy Forum" was held at the China National Convention Center. It was sponsored by China General Chamber of Commerce and China Association for the Promotion of...



News published on 2 december 2019 at 13:37 and distributed by: