Photo - Insynctive, Inc.
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Insynctive, Inc.

Complex business processes intuitively simple, data in sync

USA, California
Market: Insurance, Services, Financial services, Another
Stage of the project: Operating business

Date of last change: 07/01/2019
Min investment
$  50.000
Total required
$ 750.000
Rating
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Idea

Insynctive is a modular, white label, cloud-based platform that helps Service Providers, their clients and their employees. Insynctive automates and manages the documents associated with the Pre-hire, Onboarding, Provisioning and Termination process, drives employee validated data onto the pre-populated forms, to ou HRIS and to the applications and change forms for Benefit Administration for small and large corporations, plus we have our Insynctive Integrated Marketplace™ of pre-integrated third-party products and services.

Current Status

Insynctive is an active company with a fully developed modular SaaS based product.

We are generating $9k recurring revenue and increasing 30% month over month

Insynctve is a Human Resource Management software Platform focused on SME segment

$4.2M has been invested in company, $1.8M by the CEO

Offering a superior next-generation product that appeals to both employers and channel service providers

Early traction and double digit monthly revenue growth

Seeking $750,000 investment to scale

Market

4M Establishments and 121M Employees in SME Market = $21B annually recurring revenues

Still fairly low technology adaptation

The few companies that have adopted technology, are now educated and looking for a better solution

Problem or Opportunity

AUTOMATE/ UPGRADE
SMEs need to automate and upgrade their employee management software solutions
Less than 10% technology adaptation

NEED TO SYNC TO A COMMON EMPLOYEE DATABASE, INTEGRATE WITH THIRD PARTIES
New and old modules/functions (HR Management, Benefits Administration, Payroll, other employee management solutions) need to sync, and integrate with Best of Breed third parties
Suite versus Platform

CHANNEL SERVICE PROVIDERS NEED TO TECHNOLOGY-ENABLE THEIR BUSINESSES AND SERVICES
Health Insurance brokers and other service providers need to be able to “talk technology” and recommend software solutions

MORE CHANNEL PROVIDERS WILL WANT TO BUY AND RECOMMEND FLEXIBLE SYSTEMS
Multiple employer profiles

Solution (product or service)

Insynctive makes complex business processes intuitively simple and all data in sync.

Insynctive is a modular, white label, cloud-based platform that helps Service Providers, their clients and their employees. Insynctive automates and manages the documents associated with the Pre-hire, Onboarding, Provisioning and Termination process, drives employee validated data onto the pre-populated forms, to our HRIS and to the applications and change forms for Benefit Administration for small and large corporations, plus we have our Insynctive Integrated Marketplace™ of pre-integrated third-party products and services.

Competitors

Direct Competitors – There a few companies, like Ease (formerly EnrollEase), and Employee Navigator are mostly competitors in the small group market, and Maestro Health (purchased by AXA Benefits for $155M), Bernie Portal, BenefitElect, Benefits Express, Zywave, PlanSource, bswift and CompassHRM have been focused in the large group market but their technology is difficult to modify to serve the needs of this increasingly complex businesses and corporation’s market and are not platforms to make the benefit brokerages more efficient, effective and profitable.

Maxwell Health (rasied $70M and was recently sold to SunLife of US) was a newer direct selling solution platform that has morphed into trying to be a benefit broker’s solution provider. One of the challenges facing benefit brokers is that Maxwell is licensed to sell insurance in all 50 states and in part is compensated by the voluntary insurance carriers’ “overrides”. This means they are in direct competition with traditional Benefits Insurance Agencies. Maxwell also works directly with the broker’s clients which is problematic for some.

Tech Brokers – Namely, Gusto (formerly ZenPayroll) and others are online insurance brokers called Tech Brokers are using technology to get a Broker of Record Letter in order to take business from established benefit brokers and our service provider distributor partners. Zenefits has raised $586M in venture capital and fell apart due to internal challenges, Namely ($200M), Gusto ($315M). Namely has a proprietary HR, Benefits and Payroll system plus Time and Attendance and they charge for their system and force complete change-over of the employer’s systems. Gusto has payroll and Benefit Administration but is light on it Onboarding and HR. They are just another competitor in a field littered with fragmentation and no dominant player.

HRIS systems – There are many established HR companies for small to mid-size companies such as BambooHR, and for groups of 1,000 employees to 10,000 employees and larger groups such as Ultimate Software, Workday, SAP, and Oracle. But these groups want their clients to buy their complete solution set and not best of breed.

Payroll Companies – ADP is both a competitor and a partner with Insynctive through the ADP Marketplace and a bi-directional API and Single Sign On (SSO) to ADP Workforce Now which is their mid-market product for the 200,000 to 250,000 businesses with 50 to 1,000 employees. Paychex is a competitor that we have beaten twice for their own clients when they were offering their HRIS and Benefits Administration solution called Benetrac at no additional costs.

The good news is the businesses and corporations are showing the benefits brokers and HR outsourcers, et al that their clients want to do business differently with a fully integrated solution set of best of breed products and services and don’t want to change payroll.

Advantages or differentiators

Why we win:
White Label Solution
Modular Offerings Are Rapidly Deployable
Higher Functionality
Better Service With Our Software
Configurable Features and Functionality Within Modules
Focused on Integrations to Third Party Systems
Dynamic Pricing 

Finance

Multiple Modular Recurring Revenues (MRR)
Revenue 1 –Set-Up Fees + $1 to $6 PEPM
Revenue 2 –Voluntary Plan Overrides (1% to 3%)
Revenue 3 –Commissions off of integrated Third Party Systems
Revenue 4 –New Features and Functionality

Revenues 2019 - $350K
Revenues 2020 - $4M
Revenues 2021 - $15M
Revenues 2022 - $28M
Revenues 2023 - $42M

Business model

Configurable. Rapidly Deployable. Intuitively Simple.
Cloud Based White Label Platform
Module 1 –Document Automation and Management Checklists  Including Workflows
Module 2 –Complete HRIS  
Module 3 –Group Benefits Administration 
Module 4 –Insynctive Integrated Marketplace™
Leveraging Tech –APIs, Algorithms, AI and Machine Learning

Money will be spent on

Grow Monthly Recurring Revenue Streams Faster
Hire 2 Known Key Channel Experienced Channel Sales
Initiate a Marketing Initiative
Hire Known Experienced Implementation Members In US and Overseas Teams
Roadmap to Scale Revenues Faster 
Roadmap to drive new features and functionality that drive new revenues

Offer for investor

CONVERTIBLE NOTES
$750,000
25% discount, 8% interest, $6M Cap (Warrant coverage available)

Gary Goldstein has invested over $1.8M in Convertible Notes

Our outcomes are fully In Sync.

Team or Management

Risks

No Investment
Sales
Implementation and Customer Success
Financial
Market
Legislature
System
Global Catastrophe

Incubation/Acceleration programs accomplishment

Stanford - StartX

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video
Website address