Ascensus, a technology solution developer for banks and asset managers, has acquired Qualified Plans LLC.
Following the transaction, Qualified Plans will become a part of Ascensus TPA solutions.
Georgia-headquartered Qualified Plans offers plan design, consultation, compliance, and administration services for both defined contribution and defined benefit plans. The company works alongside a user investment advisor to ensure there is an effective retirement plan and that it is covered by compliance issues like 401 (k).
Ascensus builds technology-enabled solutions to help consumers in America save for retirement, college and healthcare. The company offers tailored solutions for asset managers, banks, credit unions, state governments, financial professionals, employers and individuals.
Through the platform, a consumer is able to access a range of different plans for savings that all meet the various necessary regulations. The company currently manages around 50,000 retirement plans, over four million college savings accounts and 1.7 million IRAs and health savings accounts, according to the company.
Ascensus executive vice president of corporate development and M&A Raghav Nandagopal said, ?The southeastern U.S. is an important market for us, and we are delighted to acquire a well-regarded firm like Qualified Plans.
“Their long track record of providing personalized services on a national scale fits very well with Ascensus TPA Solutions strategy. Qualified Plans is one of several additions we will make to our national footprint and capability set in 2018; we see many attractive opportunities ahead.p>
Last week, ForUsAll, which is an investment and administration management company for retirement, raised a $21m funding round led by Ribbit Capital. Fellow retirement solution company Inspira was acquired by Millennium Trust Company from ADG Capital, in an undisclosed deal.
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