A lot has happened since Zenefits told investors last yearthat its already lofty projection for annual recurring revenuewould more than triple by the end of 2016.

The HR software maker saw its founding chief executive officerleave under pressure from the board, paid about $1 million in finesto state regulators for selling insurance without the properlicenses and renegotiated a lower valuation with investors to avoida potential lawsuit.

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