Private equity firm The Riverside Company has sold its stake in third-party administration (TPA) service provider BeneSys.
Riverside initially invested into BeneSys in 2014 and over the holding period it was able to help the company bolster its position in the market.
Michigan-based BeneSys provides third-party administration services for employee healthcare and pension benefit programs for Taft-Hartley multiemployer plans. Its solution is currently used by 180 clients across the US.
Riverside managing partner Loren Schlachet said, â€œIt was a pleasure working with such a strong management team, and we very much benefitted from the companyâ€™s leadership position in its industry.
â€œA key to our success was an aggressive approach to strategic add-ons. During our hold, we doubled the size of the company, both organically and through three bolt-on acquisitions.â€
Riverside was advised by KPMG, Jones Day and Deloitte on the transaction.
Earlier in the year, The Riverside Company acquired InTouch Accounting which it added to its real-time financial management service Brookson. InTouch provides accountancy and related services to freelance professionals, using both technology and consultants to fulfil accounting tasks.
Retirement savings technology developer Ascensus has made seven acquisitions this year alone. Most recently, the company bought the third-party administration platform QBI, for an undisclosed amount.
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.
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