Great Hill Partners, a private equity firm, has agreed to pay $70 million for a minority stake in PlanSource, an insurance sales exchange and plan administration systems company.
PlanSource, which is now based in Orlando, Fla., says it will use the money to develop new products and expand its operations.
Great Hill will get two seats on the PlanSource board. The new board members from Great Hill will be Chris Busby and Matthew Vettel.
Other investment firms with seats on the PlanSource board include Lemhi Ventures and Timucan Asset Management.