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PlanSource Completes a $12 Million Series B Investment Round with Lemhi Ventures and Timucuan Asset Management

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PlanSource Completes a $12 Million Series B Investment Round with Lemhi Ventures and Timucuan Asset Management

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January 10, 2014
By Carolyn J Dawson
TMCnet Contributor

PlanSource recently announced that it has successfully completed a $12 million Series B Investment Round. The investment was completed with Lemhi Ventures and Timucuan Asset Management, existing investors of the company. PlanSource provides insurance carrier and broker partners with advanced benefits in administration, insurance exchange, HRIS, and payroll solutions.


In a release, Dayne Williams, CEO of PlanSource said, "As a leading provider of healthcare technology and employee benefits administration, our business is rapidly evolving and expanding in the areas of insurance exchanges and SaaS (News - Alert) platform solutions for carriers/payers. Hundreds of brokers and carriers, including some of the largest health plans in the U.S., use PlanSource for our proven ability to increase distribution and product participation with our sophisticated functionality”.

He continued, “Our recent wins in the insurance exchange market, including national carriers, regional brokers, and the quoting, setup and enrollment platform for a state public health insurance marketplace under the Small Business Health Options Program (SHOP), have proven that our technology has the scalability and flexibility to meet the current and upcoming requirements of healthcare reform through 2014 and beyond."

Dayne Williams further explained that with the new investment, PlanSource will be able to carry on with its plan for future innovation and product development. The company is expecting to launch a number of new products in the coming year. He also said that the company is hoping to expand its infrastructure to address future growth needs to continue with its focus on delivering exceptional service to customers; a goal which has allowed the company to retain 95 percent of its customer over the last four years.

Randy Schmidt, PlanSource's Chairman said, "Lemhi is very pleased with the performance of the PlanSource team since our initial investment in 2012. Increased demand for our proven exchange and benefits administration platforms has driven significant growth. Today, over 2,500 customers, spanning all types of industries and ranging in size from 2 to over 100,000 employees, use PlanSource's cloud-based platform that streamlines and simplifies the benefits enrollment process and facilitates year-round benefits management.”

He also said that based on the success and fast adoption of the MyPlanSource marketplace / exchange solution by insurance carriers and brokers, the company is expecting a growth of more than 1.5 million new members in 2014. 




Edited by Cassandra Tucker

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