Employee Navigator Completes $100 Million Funding Round

BETHESDA, Md.--(BUSINESS WIRE)--Employee Navigator, a leading benefits administration & HR software provider, announced it has completed a $100 million funding round from existing investors JMI Equity and Spectrum Equity. The minority investment was used in a subsequent $120 million tender offer to provide liquidity to existing shareholders, including early-stage investors of both Employee Navigator and Enrollease, Inc. (“Ease”), which was acquired by Employee Navigator in 2023.

Employee Navigator began licensing its benefits and HR products to insurance brokers in 2008 and has expanded its offerings to integrate with the nation’s leading insurance carriers, payroll companies, and third-party administrators (TPAs) to provide a unified benefits and HR solution. Today, Employee Navigator’s footprint has grown to support over 180,000 U.S. employers, 13 million employees and over 5,000 insurance brokers. Employee Navigator has evolved from a simple online enrollment system to a comprehensive suite of products that simplifies benefits administration and HR management.

“Over the last two years our teams have been focused on feature parity between the Ease and Employee Navigator platforms and delivering on our commitment to our customers to bring the best of the Ease and Employee Navigator systems together,” said Employee Navigator Founder and CEO, George Reese. “Looking to the future, our roadmap includes improved support for large employers for whom we can provide superior products at a much lower cost. We are also strategically focused on AI-driven applications, helping brokers scale their internal operations, and developing complementary products for HR departments that are using Employee Navigator.”

“Since our initial investment in 2020, we have only become more confident in the disciplined strategy and execution of George Reese and the Employee Navigator team, and we were excited about the opportunity to invest further in the company,” said Dave Greenberg, Partner at JMI Equity. “With over 180,000 U.S. employers and growing, the team has consistently proven its ability to deliver market leading benefits and HR products. We are confident the company will continue to drive compelling, long-term growth and profitability.”

Vic Parker, Managing Director at Spectrum Equity, added, “When Employee Navigator approached us to acquire Ease, they presented a strategic plan for the combined businesses that they have exceeded. We are thrilled to be making a further investment in Employee Navigator.”

About Employee Navigator

Employee Navigator is a trusted benefits and HR software company integrated with over 500+ of the nation's leading insurance carriers, payroll companies, and TPAs. Serving over 180,000 U.S. companies and 5,000+ brokers across the country, Employee Navigator simplifies benefits management for businesses of all sizes. For more information, visit http://www.employeenavigator.com/

About JMI Equity

JMI Equity is a growth equity firm focused on investing in leading software companies. For over three decades, JMI has partnered with exceptional founders, entrepreneurs, and management teams at high-growth software companies to provide flexible capital, industry expertise, and operational support to build businesses of enduring value. To date, JMI has invested in over 190 software businesses in North America and Europe and completed over 120 exits. Today, the Firm’s portfolio of industry-leading cloud software companies represents $10 billion in combined revenue, $80 billion in aggregate enterprise value, and over 36,000 jobs. For more information, visit www.jmi.com.

About Spectrum Equity

Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. For over 30 years, the firm has partnered with exceptional entrepreneurs and management teams to build long-term value in market-leading software, data, and consumer internet businesses. With offices in Boston, San Francisco, and London, the firm is investing its tenth fund with $2 billion in limited partner capital. Representative investments include AllTrails, Ancestry, Definitive Healthcare, GoodRx, Lucid Software, Origami Risk, SurveyMonkey, Teachers Pay Teachers, and Verafin. Learn more about Spectrum Equity at www.spectrumequity.com.