Retirement savings technology developer Ascensus is set to make yet another acquisition, bringing its total for the year up to seven.
The company is set to purchase third-party administration platform for the retirement industry QBI, for an undisclosed amount. Following the close of the deal, QBI will join Ascensus TPA Solutions division.
California-based QBI is an administrator of defined contribution and defined benefit plans in the US – it helps over 3,500 plans and has more than 80 employees. Its services include retirement management, payroll management, human capital management, consulting, and fiduciary administration.
Its technology is able to automate payroll and report processes, offering gross-to-net calculations, year-end processing, general ledger processing, check printing and recordkeeper integration.
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.
Ascensus executive vice president Raghav Nandagopal said, ?We see great potential for QBI due to the tremendous amount of brand equity they possess along with their leadership position in the TPA market.
?In addition, their strong presence in California allows us to increase our footprint in a region that is geographically attractive to us. We will continue to pursue opportunities that can help us grow in this area.p>
Last week, Ascensus made its fifth and six acquisitions of the year Swerdlin & Co and SES Advisors. Following the deal, both of these companies will join Ascensus TPA (third-party administration) Solutions division, bringing employee stock ownership plan capabilities.
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