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Vista Equity Partners to buy benefits technology company PlanSource

Vista Equity Partners Management LLC entered into a definitive agreement to buy PlanSource Benefits Administration Inc., a provider of cloud-based benefits administration technology, for an undisclosed sum.

With Vista's backing, PlanSource intends to accelerate its product roadmap and build on its partnership programs, according to a March 25 news release. PlanSource will continue to operate independently.

The transaction, which is expected to close in the coming weeks, is subject to customary closing conditions and regulatory approvals.