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December 12, 2019

Conn. equity firm buys controlling ownership in Hopkinton tech firm

Photo | Courtesy of PrismHR PrismHR headquarters in Hopkinton

PrismHR, a payroll, benefits, and human resources software provider, announced Stone Point Capital LLC has purchased a majority stake to grow the Hopkinton-based tech company.

Terms of the deal were not disclosed.

Stone Point, a private equity firm based in Greenwich, Conn. focused on investing in the financial services industry, said it has invested $17 billion in more than 130 companies worldwide. Among the Massachusetts companies owned by Stone Point include SCS Financial, a high-worth advisor based in Boston and Eliassen Group, a Reading IT staffing provider.

In investing in PrismHR, Stone Point joins existing investor Summit Partners, a private equity firm in Boston, which said it manages more than $19 billion in assets.

We currently have nearly nearly 277 employees. 60 percent are in Hopkinton, and we have another office in Sarasota and additional employees in remote offices around the US. We currently have 25 open positions, with more to come in 2020.

Maryellen Edwards, a PrismHR spokeswoman, said there will be no layoffs. She said the company employs about 277 workers, most are in the Hopkinton office. She said they have more than two dozen positions open now, and expect more in 2020.

Spokespersons from Summit Partners, and Stone Point Capital did not return calls seeking comment.

In a statement Jarryd Levine, a Stone Point principal, said PrismHR and its service provider network can bring value to employers by lowering costs and competing through the use of technology to deliver services and products to their employees.

Levine had served as an associate at Lightyear Capital, a private equity firm in New York City, and an analyst at Citigroup.

William Blair & Co. of Chicago served as investment advisors while Kirkland & Ellis also of Chicago, served as legal advisors for PrismHR and Summit Partners in the transaction. New York-based Kramer Levin Naftalis & Frankel LLP served as legal advisor to Stone Point.

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