BETHESDA, Md.--(BUSINESS WIRE)--Employee Navigator, a leading benefits administration & HR software provider, announced it has raised $34 million in growth equity funding from JMI Equity. The minority investment will go towards hiring across all functions and expanding Employee Navigator’s product offerings.
The company began licensing its benefits and HR products to insurance brokers in 2012 and has expanded its offerings to partner with the nation’s leading insurance carriers, payroll companies, and third-party administrators (TPAs) to provide a unified benefits and HR solution. Employee Navigator’s growth has accelerated over the past few years; they now support over 2,000 of the nation’s leading insurance brokers, over 50,000 employers, and over 10 million employees and dependents.
“As our business matured, we became convinced of the opportunity to sustainably build a substantial company supporting our core market,” said George Reese, Founder and CEO of Employee Navigator. “We believe there is a need for an agnostic company to bring the benefits ecosystem stakeholders together, and we are confident Employee Navigator can be that trusted partner. We have come to know JMI very well over the last two years and feel they are the ideal long-term partner for our business goals. Ultimately, this was an opportunistic fundraise as we’ve been profitable since 2015 and continue to grow profitably despite the COVID-19 headwinds, and we are excited to deliver more great products and services to our customers and partners.”
“George and the Employee Navigator team have built a resilient business well-positioned for accelerated growth, as demonstrated by their record new business and profitability through COVID,” said David Greenberg, General Partner at JMI Equity. “The Company has established itself as a leader in the benefits administration software space, with impressive employee scale on the platform and some of the most positive customer and partner reference calls we have ever completed. Most importantly, George and the team have the deep insurance industry experience that is crucial to sustained success in this space. We are incredibly excited to partner with Employee Navigator and support their compelling long-term vision.”
About Employee Navigator
Employee Navigator is a rapidly growing benefits, compliance, and HR software provider. The company currently works with more than 2,000 industry-leading brokers nationwide, providing benefits administration and HR products to over 50,000 companies and 10 million employees and dependents.
Employee Navigator has also been named a Top Workplace by the Washington Post in 2017, 2018, 2019 and 2020. For more information, visit www.employeenavigator.com
About JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software companies. Founded in 1992, JMI has invested in over 150 businesses in its target markets, successfully completed over 100 exits, and raised more than $4 billion of committed capital. JMI partners with exceptional management teams to help build their companies into industry leaders. For more information, visit www.jmi.com.