Human resources is still a paper-intensive business, despite the millions of dollars invested in software to automate it, and a range of companies are eyeing what they believe is a multibillion-dollar market.
The latest contender is PlanSource Benefits Administration Inc., which raised $70 million from Great Hill Partners for software that lets more than 8,000 companies administer human resources, payroll, talent, benefits and insurance on behalf of more than 3.5 million consumers.
Total funding in the Orlando, Fla.-based company is now about $94 million.
The company that has raised the most money in this sector is Zenefits, whose valuation shot up by about nine times in May to $4.5 billion after it raised $500 million in a round led by Fidelity Management and TPG.
Zenefits, however, competes against insurance brokers while PlanSource partners with them, along with insurance carriers and government agencies and some tech companies.
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