HRO Insight blog
Please visit NelsonHall's HRO Insight blog for further updates from our analysts daily
PlanSource - Benefits Administration: Employee Wellness Reimagined
Vendor Analysis
published on Feb 12, 2025
Access to this report is restricted to logged in clients with access. Login to get full access
Report Overview:
This NelsonHall vendor assessment analyzes PlanSource's offerings and capabilities in next generation benefits administration
Who is this Report for:
NelsonHall’s Benefits Administration profile on PlanSource is a comprehensive assessment of PlanSource’s offerings and capabilities, designed for:
- Sourcing managers monitoring the capabilities of existing suppliers of Benefits Administration Services and identifying vendor suitability for security services RFPs
- Vendor marketing, sales, and business managers looking to benchmark themselves against their peers
- Financial analysts and investors specializing in the Benefits Administration Services sector.
Scope of this Report:
The report provides a comprehensive and objective analysis of PlanSource’s Benefits Administration Service offerings and capabilities, and market and financial strengths, including:
- Identification of the company’s strategy, emphasis, and new developments
- Analysis of the company’s strengths, weaknesses, and outlook
- Revenue estimates
- Analysis of the profile of the company’s customer base including the company’s targeting strategy and examples of current contracts
- Analysis of the company’s offerings and key service components
- Analysis of the company’s delivery organization including the location of delivery centers.
Key Findings & Highlights:
PlanSource is a private company that specializes in automating and simplifying benefits administration through its technology and services. It was founded in 2008 and launched its proprietary IP, PlanSource Ben Admin, in 2010. It has primarily grown its business by increasingly investing in its technology (~94% of its business uses its own software) and through strategic acquisitions, including:
- ClearBenefits (2015) - expanded its U.S. presence, adding headcount in California, and strengthened billing capabilities through treasury and billing reconciliation services
- Next Generation Enrollment (2017) - expanded offerings to include total benefits outsourcing, call centers, ACA services, billing reconciliation and payment, employee communications, dependent eligibility audits, and COBRA and consumer-driven health care account administration. The Michigan-based company had ~900 clients ranging from 50 to 35k employees.
In 2019, PlanSource was acquired by Vista Equity Partners as part of the investment firm’s strategy to invest in and maximize the potential of high-growth companies in the enterprise software space. Vista brought both financial resources and strategic expertise that accelerated PlanSource’s growth.
In 2023, PlanSource and Rizing, a Wipro Company, formed a partnership to deliver a personalized benefits experience for businesses using SAP SuccessFactors solutions. PlanSource is fully integrated with SAP SuccessFactors solutions which creates a streamlined HR and benefits experience. Additionally, in 2024, PlanSource entered a new reseller partnership with Synergos360, a woman-owned technology company local to the Minnesota and Wisconsin markets but serving the entire U.S. Through this partnership, Synergos360 will offer its customers a bundled solution that includes a configurable benefits engagement platform bundled with products and services.
PlanSource leverages strategic resellers partners, where ~50% of its business is generated through reseller agreements. Overall, it supports ~3.8k clients, ~954 of which are H&W clients, and has 632 employees across the United States and India supporting H&W delivery.