Infinisource Inc., a provider of benefits administration technology and services has inked a majority equity investment from Accel-KKR, the company announced Monday. The added capital will be used to expand its suite of products and fuel growth efforts. As part of the deal, Gary Trainor, a former division president at both ADP and First Data, will become chief executive. Gary Hart will continue as president of the company. Terms of the deal were not released.
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Infinisource, Inc., a leading benefits administration technology and services company, today announced it received a majority equity investment from Accel-KKR, a technology-focused private equity investment firm. The investment will be used by Infinisource to fund continued growth, broaden the suite of offerings, and deliver SaaS technology for employers and business partners.
Infinisource is a leading provider of employer services. With over 1,200 broker relationships, 17,000 employer clients and 1.3 million lives on its system, the company’s platform provides COBRA, FSA, HRA, Benefit Enrollment & Eligibility, and Payroll services. Founded in 1986, Infinisource has a rich legacy of delivering industry-leading customer service.
In conjunction with the transaction, Gary Hart will continue as President of the company and Gary Trainor will become Chief Executive Officer. Mr. Trainor brings three decades of relevant industry and management experience to Infinisource, including 17 years at ADP where he was Division President and 10 years as Division President at First Data.
“Over the last 25 years, we have built Infinisource into a leading player in the benefits administration market. Our team is excited to begin this partnership with Accel-KKR, a firm with a long track record of helping to grow great businesses. This partnership further solidifies our foundation and enables us to capitalize on the tremendous market potential while increasing our relationships with customers and partners,” said Gary Hart. “At the same time, I am looking forward to working with Gary Trainor. Given his industry experience, leadership ability and expertise in growing businesses, Gary brings a wealth of capabilities to lead Infinisource.”
“I am excited to join Infinisource, a company that has distinguished itself with a strong tradition and culture of delivering unique technology and superior value to help employers with their benefits administration requirements,” said Gary Trainor.
“Infinisource fits well within the Accel-KKR portfolio of companies: it has differentiated technology, an extensive distribution network, and a commitment to growth by providing capabilities that employers must have in order to be successful,” said Rob Palumbo, managing director, Accel-KKR.
Martin Wolf Securities LLC, San Ramon, CA advised Infinisource in connection with this transaction.
Accel-KKR is a technology-focused private equity firm with over $1.3 billion in assets under management. The firm invests primarily in software and IT-enabled businesses well positioned for top-line and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through the significant resources available through the Accel-KKR network. Accel-KKR has a particular focus on buyouts and recapitalizations of family-owned or closely-held private companies, going-private transactions and divisional buyouts of larger companies. For more information, please visit www.accel-kkr.com.
About Infinisource, Inc.
Infinisource is a nationally recognized leader of integrated benefits and compliance solutions, since 1986. Infinisource offers Payroll, COBRA Administration, Flexible Spending Accounts, Health Savings Accounts, Health Reimbursement Arrangements, Direct Billing, Premium Only Plans, HIPAA Privacy and Security solutions, an online eligibility and enrollment solution, Infinisolved® and HR solutions. The company continuously updates its offerings as regulations and employer requirements change. The company views delivering great service with great people as its number one priority. Infinisource is a leader in employment law, compliance and education.