Ascensus, which provides retirement savings technology, has acquired Beneco for an undisclosed amount.
The deal sees Ascensus buy the retirement and health and welfare benefits administration solution company from Alpine Investors.
Beneco, headquartered in Arizona, offers tools for recordkeeping, third-party administration, and benefit plan consulting services. The company will immediately begin operating under the FuturePlan division of Ascensus.
Through Beneco, contractors can supply their workers with various benefits including life insurance, retirement, and medical support.
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.
This acquisition is part of Ascensus’ continued efforts to expand its existing business, offer new products and expand into new geographies. The acquisition of Beneco provides the company with a way into the Arizona market.
FuturePlan head Jerry Bramlett said, of. “At FuturePlan, we understand that contractors face unique challenges when it comes to creating and managing an employee benefits plan while keeping the cost of their bids down.
“Beneco is one of the largest prevailing wage specialists in the country—adding their significant scale and unrivaled expertise to the FuturePlan team will allow us to help prevailing wage businesses to build a better future for their employees while giving them the ability to be more competitive with their contract bids.”
Waller Helms Advisors acted as the exclusive financial advisors to the deal.
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