The amount of the deal was not disclosed. In conjunction with the funding, Scott Collins, Managing Director at Summit Partners, and Zachary Gut, Summit Partners Vice President, will join the PrismHR board of directors.
The company intends to use the funds to accelerate the delivery of additional software and services.
Founded by Fred Davison and led by Gary Noke, President and CEO, PrismHR provides professional employer organizations (PEOs) and administrative service organizations (ASOs) with HR, benefits and payroll software for small and medium-sized businesses featuring applicant tracking, mobile capabilities, benefits enrollment, integrated time support and enhanced extensibility.
The company’s solutions currently power more than 80,000 organizations.