PlanSource, an Orlando, Fla.-based provider of health exchange and benefits administration technology, received a $70 million minority equity investment.
The backer was Boston-based private equity firm Great Hill Partners. In conjunction with the funding, Chris Busby and Matthew Vettel from Great Hill Partners will join PlanSource’s Board of Directors.
The company intends to use the funds to expand its sales, marketing, and product innovation, efforts as well as to grow its operating and technology infrastructure.
Founded in 2008 and led by Dayne Williams, CEO, PlanSource provides a cloud-based health exchange and benefits engagement platform used by more than 8,000 employers and 3.5 million consumers for benefits shopping, enrollment, billing and ongoing administration.
The company partners with leading insurance carriers, brokers and government entities to provide both exchange and non-exchange solutions to companies of all sizes.