Overall Rank: 71
Category: HR Processes
Category Rank: 8
- Top Software Company of 2023
- Power 500 Software Company
PrismHR is a leading provider of HR software solutions that empower small and medium-sized businesses (SMBs) to streamline their HR processes and better manage their workforce. The company was founded in 1985 and is headquartered in Hopkinton, Massachusetts, USA.
The company caters to a wide range of industries, including healthcare, hospitality, manufacturing, retail, and technology. Its software solutions are designed to meet the unique needs of SMBs, enabling them to automate their HR processes, such as payroll, benefits administration, time and attendance tracking, and performance management. With PrismHR’s software solutions, SMBs can improve their operational efficiency, reduce HR-related costs, and enhance their compliance and risk management efforts.
It has received crucial investments from leading private equity firms, including Stone Point Capital, Summit Partners, and Accel-KKR. These investments have been instrumental in the growth and expansion of PrismHR, allowing the company to develop and expand its platform to meet the growing demands of its clients and their end customers.
Stone Point Capital, a private equity firm with experience in PEO, employee benefits, and HR technology, invested in PrismHR in 2021. Summit Partners made a majority investment in the company in 2017, while Accel-KKR made a minority growth equity investment in Davison, a leading player in the PEO industry that uses PrismHR’s industry-leading cloud-based technology platform, HRPyramid.
Today, PrismHR serves more than 88,000 businesses and 2 million employees across the United States. The company’s commitment to delivering innovative HR software solutions has earned it a reputation as a trusted partner for SMBs seeking to streamline their HR operations and better manage their workforce.
Prism HR offers a range of products that are designed to streamline HR processes, enhance collaboration, and boost productivity.
One of the key products offered here is Adopt, which provides customized training for clients and their employees using Prism HR technology. It helps increase engagement and measure the usage of the Employee Portal and other employee-facing software. With Adopt, HR service providers can provide better support to their clients and employees.
Prism HR Benefits Enrollment
It is a web-based and mobile-friendly benefits enrollment software that makes it easy and efficient for HR service providers to deliver online benefits enrollment to their clients and worksite employees. It is integrated with all the other HR software modules, saving time and effort for HR professionals.
This allows teams to see everything that’s going on with their clients, increase collaboration, and create customizable workflows to improve efficiency across the organization. It accelerates the sales cycle, automates complex pricing, onboards new clients quickly, delivers faster, more proactive client service, reduces costly workers’ compensation errors, and saves time tracking unemployment claims and leaves of absence.
It is an ideal solution for HR service providers that have group plans with 100 lives or more. It automatically extracts, transforms, validates, and securely transfers enrollment data to carriers and providers, saving time and effort for HR professionals.
PrismHR partners with PTM a leading provider of HCM technologies, to provide Payroll Tax Management. PTM’s Payroll Tax Management division delivers software and services to support businesses of all sizes with payroll tax filing. PTM’s FlexTax payroll software features an intuitive interface to enter, view, and monitor all aspects of the payroll tax filing process.
Time and Labor
Powered by TCP’s TimeClock Plus software, helps HROs and their worksite clients and employees track time and labor quickly and easily from time clocks, the web, and mobile devices. It replaces manual time sheets and automates the time setup and tracking process, making it more efficient and reliable.
An Applicant Tracking System (ATS) that makes it easy for clients to post jobs online, engage with applicants, and onboard new hires. Successful hiring is a key growth driver for clients, and Hiring helps expand and optimize their services with recruiting while reducing their risk.
This software saves time and money with a fast and efficient onboarding process that provides a great onboarding experience for clients’ employees. It significantly improves productivity and gives a competitive edge by offering an enhanced onboarding experience.
Lastly, this helps align employee performance to organizational goals, increase employee engagement, and retain top talent. Offering Performance Management can help clients develop and retain their top employees, which is critical for small businesses to grow.
Prism HR seems to have a mixed reception among its users, based on the reviews analyzed. On Capterra, PrismHR has an overall rating of 4.1 out of 5, based on 39 reviews. Users have rated PrismHR highly for its features and functionality, ease of use, and customer support. Some users have also mentioned that PrismHR has helped them streamline their HR and payroll processes, which has saved them time and reduced errors. On G2, PrismHR has an overall rating of 4.2 out of 5, based on 71 reviews. Users have rated PrismHR highly for its ease of use, quality of support, and ease of doing business. Some users have also mentioned that PrismHR has helped them save time and increase efficiency in their HR and payroll processes. Overall, the average rating for PrismHR is a positive indication of the satisfaction of users with PrismHR.
Some users particularly liked the feature that allows employees to access their earnings and financial information in an easy-to-use format. The search function was also well-liked by some users, as it enabled them to quickly find the information they needed. On the other hand, some users mentioned the software’s complexity, particularly in the areas of PTO plan setup and claiming of CTC and Non-CTC. Additionally, some users found the GUI to be unintuitive and the navigation to be difficult. Multiple instances of the software could not be run simultaneously, making it harder to reference previously entered information on other screens. There was also a general consensus that the software lacked a central repository for all HR information, which made it difficult for some users to find all the information they needed in one place.
In conclusion, Prism HR appears to have some good features that users appreciate, such as its ease of use and comprehensive help files, but there are also some areas that could be improved. The company may want to consider simplifying the user interface and navigation, creating a central repository for all HR information, and improving the PTO plan setup and claiming process.
- Employees: 2,000,000
- Number of countries with offices: 2
- Annual Payroll: $80 Bn+
- The revenue per employee ratio is $15,918, indicating that each employee contributes significantly to the company’s revenue.
- PrismHR software is used by more than 80,000 organizations
- Prism HR’s customer base is not publicly available, but the company has acquired five organizations, including Namely in September 2022 and Epay Systems in 2020, indicating a focus on expanding its customer base.
- Prism HR has raised a total of 3 rounds and is funded by three investors: Stone Point Capital, Accel-KKR, and Summit Partners.
- The most recent funding round was on Dec 4, 2019, where the company raised an undisclosed amount from a Private Equity round.
Rating and Commentary
PrismHR is known for its strong product suite and established position in the market. With over 30 years of experience in the HR industry, PrismHR has a proven track record of consistent growth, supported by an impressive customer retention rate of over 90%. Under the leadership of Gary Noke, the company has achieved remarkable success, experiencing nearly 800% growth over the past six years.
PrismHR’s success can be attributed to its dedicated team of experts who possess extensive knowledge and expertise in providing top-notch solutions to clients. The company’s commitment to customer service is evident in its global reach, serving over 88,000 businesses worldwide. By staying at the forefront of product innovation, PrismHR has effectively positioned itself ahead of competitors like Workable. Additionally, with substantial backing from investors like Stone Point Capital and over $125 million raised through multiple funding rounds, PrismHR’s consistent growth as an organization is undeniable. PrismHR’s strong product suite, customer service, and experienced team make it a reliable and forward-thinking HR software provider that is well-positioned for continued success in the future.
Gary Noke, President & Chief Executive Officer
Gary Noke has been the CEO of PrismHR since 2014, having joined the company in 2012. He is a highly experienced senior executive with a strong background in SaaS and Human Resource Outsourcing (HRO) companies. Gary has held senior management roles at various companies, including Veritude (a Fidelity Company), Tac Worldwide (now Advantage, a Cerberus Company), and Salesnet (now part of Oracle).
Gary is responsible for the organization’s growth strategy, including strategic planning, alliances, new business development, key corporate initiatives, and fundraising. Under his leadership, PrismHR has experienced substantial growth, with nearly 800% growth over the past six years. Gary is dedicated to developing the PrismHR team, having added over 150 people in the past six months, now totaling roughly 1000 dedicated folks. He is committed to finding opportunities in every department to continue the growth trajectory of the company. Gary holds a B.A. in Economics from Hamilton College.
Jay Kalantar, CTO
Jay is responsible for the vision, leadership, and implementation of the company’s workforce management technology strategy. Jay joined PrismHR through the company’s acquisition of EPAY Systems, where he served as Chief Technology Officer.
Jay has over 25 years of experience in operations management, systems development and deployment, and strategic integration. He previously held leadership roles in process engineering and business development at JohnsonDiversey, formerly SC Johnson Wax Professional, and at Pillsbury Company. He is a highly experienced professional with a Ph.D. in Chemical Engineering from Michigan State University and multiple patents to his name.
John Whisner, CSO
John is responsible for developing and executing sales and marketing strategies to take the organization to the next level. John joined the EPAY Executive Team in January of 2021, bringing over 30 years of experience in the HCM industry. He has led high-performing, growth-oriented sales teams for the past 26 years.
In his role, John oversees Sales, Account Management, EPAY Solutions Consultants (sales engineering), and Sales Development. He has a proven blueprint for creating and rebuilding teams that deliver sustainable high performing results on a consistent basis. John’s blueprint is founded on the ability to create passionate, fast-paced, exclusive cultures that attract the strongest talent available and develops a foundation of process-oriented measurement that allows for predictable success. He has deep boardroom experience and a background in helping lead his latest organization through an acquisition by a strategic buyer.
Adam Van Beek, CIO
Adam joined the company in 2011. Adam is responsible for driving innovation across the company and is dedicated to delivering cutting-edge HR solutions to PrismHR’s clients.
Prior to joining the PrismHR team, Adam spent ten years at IBM in the field architecting and implementing large-scale data integration and data quality projects. He has extensive experience in data integration, data quality, metadata management, and data
PrismHR has a Diversity and Inclusion rating of 4.0 out of 5 stars, which indicates that the company values diversity and strives to create an inclusive work environment. However, the average D&I rating has declined by 7.5% over the last 12 months, indicating that there may be some challenges in maintaining a diverse and inclusive culture. The company needs to address these issues and take steps to promote diversity and inclusivity within the organization.
PrismHR also offers a range of benefits and perks to its employees in both the US and India. These include comprehensive medical, dental, and vision plans, generous PTO/vacation time, 401K with company match, life insurance, short-term/long-term disability, modern offices/collaborative workspaces, remotely connected company culture initiatives, free snacks, coffee, tea, and employee social events. These benefits and perks contribute to a positive work environment and help to attract and retain talented employees.
Their range of career opportunities indicates that the company provides growth opportunities for its employees. This rating suggests that employees have the opportunity to develop their skills and advance their careers within the organization. However, some reviews show that PrismHR needs to continue to provide career development opportunities to its employees to maintain a positive work environment.
Overall, PrismHR has a positive business outlook of 81%, indicating that the company is expected to perform well in the future. A positive business outlook creates a positive work environment for employees and helps to maintain their job security. The company’s positive outlook is a reflection of its commitment to innovation, customer service, and employee satisfaction.
He is the President of PrismHR, a position he has held since January 2014. He joined the company in 2012 and has been instrumental in its growth over the past decade. Gary’s responsibilities include developing the company’s growth strategy, strategic planning, alliances, new business development, key corporate initiatives, and fundraising. Before joining PrismHR, Gary held senior management roles in SaaS and Human Resource Outsourcing (HRO) companies. He was most recently the Vice-President of Global Corporate Sales at Bullhorn, Inc., a Boston-based provider of cloud-based applicant tracking and recruitment software for the staffing industry. Gary has also held executive roles at Veritude (a Fidelity Company), Tac Worldwide (now Advantage, a Cerberus Company), and Salesnet (now part of Oracle). He holds a B.A. in Economics from Hamilton College and is interested in further developing the PrismHR team.
Jarryd B. Levine
He is a member of Stone Point Capital’s investment team, where he helps lead the company’s investments in business services and human capital management. He has more than 15 years of experience in the private equity and investment banking industries. Prior to joining Stone Point in 2011, Jarryd worked at Lightyear Capital as an associate and Citigroup as an analyst in the M&A Group. He holds an A.B. from Princeton University.
He is a Managing Director at Stone Point Capital and a member of the Investment Committees of the Trident Funds. He has more than 25 years of experience in the private equity and investment banking industries. Nick is actively involved in all of Stone Point’s portfolio investments and focuses on business services, healthcare and managed care services, human capital management, insurance distribution, insurance services, insurance underwriting, and lending and markets. Before joining Stone Point in 1998, he worked at Goldman, Sachs & Co. He holds an M.B.A. from Harvard Graduate School of Business Administration and a B.A. from Amherst College.
He is a director of PrismHR, having served on the board since 2015. He joined Summit Partners in 1996 and is focused primarily on the technology sector. Scott founded the firm’s London office in 2001, which he managed through 2016. He has made investments in — and served as a board director for — more than 30 companies. Currently, he is a director of Invicti Security and Veepee. His prior directorships include 360T Group (acquired by Deutsche Börse), Acturis Limited (acquired by Astorg), Avast (LON: AVST), Calypso Technology (acquired by Thoma Bravo), DentalPro (acquired by BC Partners), Hittite Microwave Corporation (NASDAQ: HITT, later acquired by Analog Devices), Jamba! AG (acquired by VeriSign), Multifonds (acquired by Temenos), Ogone (acquired by Ingenico), PrismHR
Stone Point Capital, a private equity firm with experience in PEO, employee benefits, and HR technology, invested in PrismHR in 2021. Jarryd Levine, Principal of Stone Point, sees significant opportunities for growth for HR outsourcers serving the SMB market. He believes that PrismHR’s network of HR service providers can bring incredible value to employers by helping them lower costs and compete in new ways through the use of technology.
Summit Partners made a majority investment in PrismHR in 2017. With over 20 years of experience in the field of human resources, PrismHR provides comprehensive software solutions for PEOs and administrative service organizations (ASOs). Summit Partners believes that the company’s cloud-based software allows HROs to service their small and medium-sized customers with a more seamless, sophisticated solution. The partnership with Summit will enable PrismHR to accelerate the development and expansion of its platform to meet the growing demands of its clients and their end customers.
Accel-KKR, a technology-focused private equity investment firm, made a minority growth equity investment in Davison, a leading player in the PEO industry that uses PrismHR’s industry-leading cloud-based technology platform, HRPyramid. The investment will be used to broaden HRPyramid’s industry-leading cloud-based technology platform and expand its customer support and service operations. The partnership will help Davison invest further in its platform capabilities and services to its clients.
- PrismHR partners with Bilflo in 2023 to streamline payroll processing for businesses managing contractors efficiently.
- Jeff Foley Joins PrismHR as Vice President of Product Marketing (2023)
- PrismHR has partnered with SyncStream in 2023 to provide a simplified Affordable Care Act (ACA) compliance solution to HR service providers and their clients.
- Integrated Time & Invoicing System Now Available to PrismHR HR Service Providers with Staffing Clients (2023)
- PrismHR Announces Partnership with Violet Berri, a New Embedded Insurance Platform (2023)
- ZayZoon Named PrismHR 2022 Partner of the Year (2022)
- PrismHR, in 2022 was recognized by Inc. magazine in its annual Power Partner Awards. The award honors companies that have demonstrated exceptional leadership, innovation, and growth in their respective industries. PrismHR was specifically recognized in the HR technology category for its outstanding contributions to the industry.
- Namely Merges With Vensure Employer Services and PrismHR (2022)
- PrismHR was also named to the Inc. 5000 list of the fastest-growing private companies in America in 2021. This prestigious recognition is given to companies that have achieved significant growth and success over the past few years. PrismHR was ranked 2,295th on the list, showcasing its impressive performance and growth trajectory.
News and Press Releases
- March 21, 2023: Better Together: PrismHR to Raise the Bar at PrismHR LIVE 2023 (Read)
- October 6, 2022 : Recordkeeping Technology for Multiple Employer Plans Now Available to PrismHR HR Service Providers and Their Small Business Clients (Read)
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PipelineDeals is a sales productivity platform that helps sales teams organize and manage their sales pipeline, including customer relationship management, sales enablement, and sales productivity features. PipelineDeals does not offer HR management software or recruitment tools, focusing solely on the sales aspect of business operations. PipelineDeals has raised $1M in funding over 1 round.
ReverseLogix Corp. offers a cloud-based platform to automate reverse logistics, including returns, repairs, and after-sales care for e-commerce brands, third-party logistics providers, and manufacturers. ReverseLogix’s platform is highly configurable and designed to manage every aspect of reverse logistics for all players in the ecosystem. ReverseLogix does not offer HR management software or recruitment tools. ReverseLogix has raised $20M in funding over 1 round.
isolved HCM is a human capital management technology company that offers a comprehensive platform for managing critical workforce functions, including payroll, HR, time & attendance, and benefits. isolved’s platform is designed to deliver a robust and easy-to-use solution for managing all mission-critical HR functions from a single application. isolved has acquired six organizations and is funded by Accel-KKR.
Rippling is a human resource management company that offers a platform for managing employees’ payroll, benefits, devices, and apps. Rippling’s platform automates manual work, including onboarding new hires, and unifies all employee systems, streamlining administrative work. Unlike PrismHR, Rippling does not offer recruitment tools, focusing on employee management. Rippling has raised $1.2B in funding over six rounds and is funded by 34 investors.
PrismHR has a critical responsibility to help its small and medium-sized business (SMB) clients create safe, healthy, and engaged workplaces. One of the ways that it can help its clients thrive is by managing benefits packages that meet employees’ evolving expectations. The COVID-19 pandemic has accelerated the trend of employees expecting their employers to take more responsibility for their well-being. Specifically, employees and SMBs are looking for benefits that address four dimensions of health: financial health, mental health, physical health, and social health.
For financial health, PrismHR can offer benefits like FinFit, a self-directed online program that provides employees with financial wellness education and resources. Mental health can be addressed through benefits such as Doctegrity, a telemedicine benefit that provides employees with 24/7 access to doctors and mental health therapists.
Physical health can be addressed by expanding traditional healthcare benefits to include options such as critical illness insurance and hospital indemnity insurance from providers such as Aflac. PrismHR can also offer safety programs like SAFE Return to Work that provide SMBs with the tools and information they need to address pandemic-related employee safety issues.
Finally, social health can be addressed by focusing on the employee experience, including onboarding, employee benefits, professional development, performance management, and related processes.
By offering benefits across these four dimensions of health, PrismHR can help its clients attract and retain the most qualified employees. Additionally, PrismHR can help its clients address employee needs holistically, which is a critical component of creating safe, healthy, and engaged workplaces. Ultimately, PrismHR can contribute to the success of its clients by managing benefits packages that meet employees’ evolving expectations and help its clients thrive.