Exclusive: Summit Partners buys PrismHR
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.