Growth on All Fronts Propels Banner Year for PlanSource
ORLANDO, Fla., Jan. 26, 2016 /PRNewswire/ -- PlanSource Inc., hit the ground running in 2015 and never looked back, experiencing momentous growth across the board, with substantial increases in annual recurring revenue and customer adoption, new partnerships with leading carriers and brokers, and multiple product innovations.
-Revenue growth – 51% increase in annual recurring revenue, the second consecutive year with greater than 40% ARR gains
-Increased customer adoption – added more than 1,000 employers to the PlanSource platform. More than 90% of new customers added PlanSource's ACA solution
-New partnerships – finalized partnerships with leading carriers, including Metlife, Humana and Aflac, and brokers such as United Benefits Advisors and ABD Insurance and Financial Services
-Capital infusion – Great Hill Partners recognized the company's potential and invested $70 million in series C funding
-Product innovations – Launched a mobile app, ACA solution, educational video library and two major product releases
-Expanded footprint and employee growth – acquired ClearBenefits and opened new offices in San Mateo CA and Charleston SC; welcomed more than 180 new team members
"Looking back at what we have achieved in the last year, I am filled with pride at the talents of the PlanSource team," said Dayne Williams, CEO of PlanSource. "Our ongoing goal is to create a better benefits and HR experience for consumers and companies. And while we'll never be completely satisfied, we came a long way in achieving that goal in 2015. Our success has confirmed what I have known for a long time: we have the right people, the right technology, and it's the right time."
New partnerships broaden PlanSource's reach and provide foundation for further growth PlanSource solidified a number of partnerships in 2015 that will allow the company to expand the depth of its benefits offerings to employers and broaden its market reach. Partnership deals made in 2015 with insurance carriers including MetLife, Humana and Aflac give PlanSource customers even more options for benefits packages and exclusive cost subsidies.
One of the keys to PlanSource's success has been its relationship with the broker community, which it cemented further in 2015 through partnership deals with United Benefits Advisors, and ABD Insurance and Financial Services. In addition, PlanSource has formed a partnership with payroll and HCM leader Ultimate Software, which deepens integration between their systems and offers sophisticated benefits options for Ultimate's customer base. In August, Boston-based private equity firm Great Hill Partners committed to a minority equity investment of $70 million in PlanSource, which has driven growth in sales and marketing, continued product innovation, and operating and technology infrastructure.
Increased market adoption fuels more than 50% increase in headcount With growing regulatory requirements and increasing demand from consumers for an intuitive, online benefits experience, more and more companies are turning to PlanSource for benefits technology. Nearly 10,000 employers now use PlanSource for benefits shopping, enrollment, compliance, billing and administration. The company added more than 1,000 employers to the PlanSource platform in 2015. And while the majority of its growth has been organic, the company also expanded through the acquisition of ClearBenefits in March 2015. New customers in 2015 included the American Museum of Natural History, Clara Barton Hospital, Central Network Retail Group, Easter Seals of Delaware, GameFly, Goodwill Industries of Northeastern Pennsylvania, Kentwool and many others.
To accommodate this explosive growth, PlanSource added 231 new positions in 2015, of which 49 were filled internally. The company now has more than 400 full-time employees. And people who join PlanSource tend to stay: the company has a mere 1.4% employee turnover rate, and an 82% employee engagement score, well above the national average of 70%.
Product innovation creates a better benefits and HR experience Since its founding in 2008, PlanSource has been driven to find new ways that technology can give companies and consumers a better benefits experience. This drive led them to develop several new products and software releases in 2015, including a mobile app for employees to get quick and easy access to their benefits, an ACA solution for employers navigating the maze of regulations, and two major software releases with enhancements that streamline the administration of employee benefits and new tools for educating and engaging employees, an educational video library and HR services.
These innovations rest on a stable technology platform, which performed smoothly despite record usage in 2015. During the busy fall open enrollment period, the PlanSource platform processed tens of millions of actions from consumers selecting benefits, including a single day with 1.77 million page requests, yet it had 30% faster response times compared to peak periods in 2014.
About PlanSource PlanSource is a technology company driven to create a better benefits and HR experience for employers and their employees. We offer flexible and intuitive software for benefits administration, insurance exchanges and human capital management. Our complete cloud-based technology helps nearly 10,000 employers and 3.5 million consumers with benefits shopping, enrollment, billing, compliance and administration. Learn more at www.plansource.com.