ExpertPlan, headquartered in East Windsor, New Jersey, is a provider of micro and small plan recordkeeping and administrative services for approximately 16,000 plans with a particular focus on providing Web-enabled technology services.
Ascensus’ interest in ExpertPlan stems from the complementary open-architecture investment platform and the additional solutions offered in some key areas including micro plan Web-based services, defined benefit, including cash balance plan services and non-traditional asset defined contribution plan recordkeeping and administration. The ExpertPlan team also distributes through a broad network of intermediary partners which is very similar to the Ascensus approach.
The transaction is expected to close by the end of 2012.
“We are very excited to have the ExpertPlan associates join the Ascensus family,” said Bob Guillocheau, President and CEO, Ascensus. “This transaction really hits on all the key attributes we look for in an opportunity, expanding market share in growing markets, entering new growth markets and delivering solid margins. Being able to offer these new services to our existing relationships is something that will help our clients meet their business goals and that is one of our primary focuses as a high-quality service provider.”