Ascensus, a retirement savings technology developer, has agreed to acquire third-party administration (TPA) platform Avintus, its third deal this year.
Tennessee-based Avintus offers retirement plan administration and 3(16) fiduciary services for defined contribution and cash balance plans. Its services are used across the US in the manufacturing, hospitality, construction, technology, non-profit and professional services industries.
The company helps to design new plans or update existing ones to help employers attract staff, and build retirement savings. Tailored solutions for 401 (k) administration are also available and include payroll data submission, deposits, plan maintenance, participant notices and tax for authorisation.
Ascensus builds technology solutions to support consumers in America to save money for their retirement, college and healthcare. Tailored services are available for asset managers, banks, credit unions, state governments, financial professionals, employers and individuals.
Consumers have a range of savings plans available to them, with each meeting necessary regulations.
Following the deal, Avintus will become a part of Ascensus’ TPA Solutions division.
Ascensus executive vice president Raghav Nandagopal said, “When the M&A team evaluated Avintus, we saw a firm with a history of success that can continue along a path of accelerated growth as part of Ascensus. This, along with their attractive location and culture of client and associate satisfaction, made it easy for us to envision Avintus playing an important role in supporting our long-term growth strategy.”
This is the third acquisition made by Ascensus this year, and the second of the month. Last week, the company acquired employee benefit solutions provider Chard Snyder to serve as the ‘anchor’ to its new health division. The TPA unit is focused on consumer directed health plans, including health savings accounts and reimbursement arrangements.
At the beginning of the year, Ascensus acquired Qualified Plans which provides retirement plan design, consultation, compliance and administration.
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