ThinkHR, the leading HR solutions company that provides expert HR-related advice and training to employers, today announced that it has secured additional funding to fuel its growth and leadership. Kennet Partners, a leading international growth equity firm that invests in companies across North America and Europe, made the $12 million investment in ThinkHR.
The additional funding will be used to further accelerate ThinkHR’s aggressive product, technology and market development initiatives. ThinkHR will continue to expand its rapidly growing footprint in the multi-billion-dollar market for expert answers, information and training solutions that enable employers to comply effectively and efficiently with today’s increasingly complex HR regulatory requirements. ThinkHR has more than 650 partners and some 89,000 employers relying on its proven expertise and cloud-based technology solutions.
“We are thrilled to be partnering with a top-tier growth equity firm like Kennet as we create the breakthrough products and support infrastructure that help our insurance brokerage and payroll partners to succeed in the new benefits economy,” said Peter Yozzo, founder and CEO of ThinkHR. “This additional funding allows us to create powerful new tools and services that help our partners to enhance and expand the value they deliver to clients every day. That added value plays a key role in helping our partners to attract new business and strengthen existing client relationships.”
The new funding also advances ThinkHR’s mission to empower millions of employers and HR professionals to ensure compliance and be more efficient, productive and successful, Yozzo added.
“Kennet is all about helping successful entrepreneurial technology companies take the next big jump in growth, and that is exactly why we are investing in ThinkHR,” said Eric Filipek, managing director of Kennet Partners. “We believe ThinkHR has strong growth potential based on the opportunity to capture a significant and growing share of the market for providing HR solutions through 32,000-plus service provider channel partners. Equally important, ThinkHR is well positioned to engage the broader market of 2.15 million employers with its best-in-class HR answers and cloud-based technology platform.”
Before this new $12 million investment, ThinkHR had been financed through angel funding, venture debt and revenue from ongoing operations.
ThinkHR sells its HR-related products and services through channel partners that include insurance brokerage firms and payroll services providers. These partners then provide ThinkHR’s solutions to their clients, enabling them to comply efficiently and quickly with today’s increasingly complex regulatory and legal requirements, such as the Affordable Care Act (ACA) health care reform regulations.