Dan Primack Apr 24, 2017
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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.