Millennium Trust Company has acquired retirement plan recordkeeping solution provider InspiraFS from ADG Capital.
Founded in 2007, Inspira provides retirement plan sponsors, financial institutions, corporations, and third-party administrators with individual retirement account (IRA) recordkeeping solutions. The Pennsylvania-based company enables clients to create their own payroll IRA program, set up automated finished participants removal from the system, and a robo-advice solution for IRAs.
The company has over 125,000 IRAs on its platform and more than $500m in assets under management.
Millennium Trust Company, which is a portfolio company of Parthenon Capital Partners, is a custody provider and offers either rollover IRAs or self-directed IRAs.
ABG Capital CEO Jeff Tapolci said, “Millennium is a premier name in the industry and is the perfect home for Inspira. Without question, the combination with Millennium will create great opportunities for both Inspira’s clients and its employees.”
Parthenon invested in to Millennium Trust in 2015 for an undisclosed amount and with the aim to support the company’s growth and position in the market.
Last year, Parthenon injected capital in to investment risk management platform Institutional Cash Distributors. The company raised the funds to support it improving its technology, products, staff, and its integration in new markets.
Earlier this month, personal finance advice provider NextCapital closed a Series C round led by Oak HC/FT. The company offers automate financial advice and can help its users to plan for retirement by outlining savings goals.
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