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Summit Partners has agreed to acquire a majority stake in PrismHR, a Massachusetts-based SaaS suite for HR service providers, Axios has learned. Part of the more than $100 million in proceeds will be used to provide partial liquidity to existing PrismHR investor Accel-KKR, which will roll over a portion of its holdings and retain one of its two board seats.

Special sauce: The difference between PrismHR and other HR software companies is target market. Whereas most human capital management solutions serve a single corporate client, PrismHR aims at organizations that may have a single employee working for multiple clients (e.g., a restaurant, a bar and a pizza place). In such cases, benefits might need to be calculated differently at different levels.

Deal genesis: Summit first contacted PrismHR several years ago via its cold-calling program, but conversations didn't really heat up until late 2016.

Plans: The deal is effectively about growth, although Summit doesn't view this as a rollup opportunity. Instead, the idea is to scale up PrismHR's nearly 200-person workforce (both on tech and sales side), with CEO Gary Noke saying he can "see a straight path past $100 million in revenue." The current run rate is north of $35 million, compared to $7 million when Noke took over for the company's founding CEO in 2014.

Go deeper

Biden to sign executive orders focused on women's rights

President Biden. Photo by Samuel Corum/Getty Images

President Biden will sign executive orders Monday establishing a Gender Policy Council and directing the Department of Education to review the federal law Title IX, according to administration officials.

Why it matters: The Biden administration is signaling its priorities to advance gender equity and equality as women, particularly women of color, have been disproportionately affected by the COVID-19 pandemic.

3 hours ago - World

Report: U.S. calls for UN-led Afghan peace talks

Secretary of State Antony Blinken at the State Department in Washington, D.C., in February. Photo: Jim Lo Scalzo/EPA/Bloomberg via Getty Images

Secretary of State Antony Blinken said in a letter outlining a plan to accelerate peace talks with the Taliban that the U.S. is "considering" a full troop withdrawal from Afghanistan, Afghan outlet TOLOnews first reported Sunday.

Why it matters: In the letter to Afghan President Ashraf Ghani, also obtained by Western news outlets, Blinken expresses concern that the Taliban "could make rapid territorial gain" after an American military withdrawal, even with the continuation of U.S. financial aid, as he urges him to embrace his proposal.

Harry and Meghan accuse British royal family of racism

Photo: Joe Pugliese/Harpo Productions via Reuters

Prince Harry and Meghan Markle delivered a devastating indictment of the U.K. royal family in their conversation with Oprah Winfrey: Both said unnamed relatives had expressed concern about what the skin tone of their baby would be. And they accused "the firm" of character assassination and "perpetuating falsehoods."

Why it matters: An institution that thrives on myth now faces harsh reality. The explosive two-hour interview gave an unprecedented, unsparing window into the monarchy: Harry said his father and brother "are trapped," and Markle revealed that the the misery of being a working royal drove her to thoughts of suicide.