ORIX Ventures Extends Debt Capital to PlanSource
ORIX Ventures announced today that it has extended debt capital to PlanSource, which provides the leading cloud-based health exchange and benefits engagement platform. The debt facilities financed PlanSource’s acquisition of the business administration software platform, ClearBenefits, from BENU, Inc.
“Scalable, cloud-based solutions for managing key employer functions are becoming a mainstay in the modern enterprise,” said Todd McDonald, Director of ORIX Ventures. “PlanSource’s benefit administration platform addresses this shift through impressive functionality and ease of use for full management of the benefits life cycle. This capital will support PlanSource’s continued high growth, and we are excited to have the opportunity to support management for that purpose.”
PlanSource, headquartered in Orlando, Fla., has a leading Net Promoter Score—a number which gauges how likely customers are to promote a brand—of +67, compared to the Software as a Service (SaaS) industry average of +26. With a customer revenue retention rate of 99.8 percent, PlanSource is focused on enabling the success of its new ClearBenefits clients. All customers who are using the current ClearBenefits platform will have access to PlanSource’s state-of-the-art technology for benefits shopping, enrollment, billing and administration.
“We have had an excellent relationship with Todd McDonald and the team at ORIX Ventures,” said Dayne Williams, CEO of PlanSource. “As we entered the next phase of our expansion plan, it was natural for us to take advantage of ORIX’s flexibility and long-term focus to access additional growth capital.”
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