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Zenefits CEO Parker Conrad. Photo by Winni Wintermeyer.

(Bloomberg) — Zenefits, a provider of human-resource tools and services, raised $500 million in funds at a valuation of $4.5 billion as more companies seek ways to streamline their employee benefit programs.

The round, led by Fidelity Management & Research Co. and TPG, is the largest financing for a software-as-a-service business since 2012, the San Francisco-based company said in a statement Wednesday.

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