# PlanSource Benefits Administration

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/plansource-benefits-administration

- Industry: Software
- Headquarters: Orlando, US
- Website: www.plansource.com
- Total disclosed funding: $12M
- Latest round: Series B (Jan 9, 2014)
- Investors on record: 2

## About

PlanSource Benefits Administration, Inc. provides comprehensive employee benefits administration solutions, streamlining HR tasks such as enrollment, billing, and compliance for organizations across various industries.PlanSource specializes in employee benefits administration software, enhancing HR operations for employers in the United States. Founded in 2008, the company is headquartered in Orlando, US. The CEO is Dayne Williams, and the company has undergone investment rounds, including a recent deal in March 2019 where Vista Equity Partners acquired PlanSource from Great Hill Partners, Lemhi Ventures, and Timucuan Asset Management for undisclosed terms. Since its inception, PlanSource has raised a total of USD 70.00 mn across its funding rounds, with the latest round occurring on March 25, 2019, led by Great Hill Partners.PlanSource specializes in employee benefits administration software designed to streamline various HR tasks, including enrollment, billing, compliance, and employee engagement. The platform offers a comprehensive suite of solutions aimed at simplifying benefits administration processes for employers, brokers, and resellers. Key functionalities include automated enrollment, benefits communication tools, and mobile access, enabling users to manage their benefits efficiently. The company serves a diverse client base across multiple industries, facilitating benefits management for employers and HR professionals, primarily in the United States.PlanSource generates revenue through a subscription-based model, providing access to its benefits administration platform and related services. Clients enter contractual agreements for software access and managed services like billing reconciliation, COBRA administration, and employee support. The pricing structure accommodates various client needs, with plans tailored for employers, brokers, and resellers. Revenue is derived from direct-to-consumer offerings and business-to-business transactions, leveraging the platform's capabilities to deliver value across multiple HR functions.Following the acquisition by Vista Equity Partners in April 2019, PlanSource aims to enhance its product offerings and expand its market presence. Future growth strategies include the design and launch of new products intended to address evolving client needs, although specific release dates have yet to be disclosed. The company is targeting expansion into new geographic regions, with plans to increase its market footprint within North America. The recent funding will support these initiatives, focusing on product development and market expansion strategies.

## Funding rounds

- Series B, Jan 9, 2014, $12M — Lemhi Ventures, Timucuan Asset Management

## Investors

- Lemhi Ventures (https://capitalatlas.ai/funds/lemhi-ventures) — Series B
- Timucuan Asset Management — Series B