October 25, 2012 (PLANSPONSOR.com) - Wealth Management Systems Inc. (WMSI) has acquired Archimedes Systems Inc.
WMSI is a provider of rollover servicing technology in the retirement services industry. Archimedes Systems is a provider of Web- and mobile‑based college and retirement planning tools and personalized communication services. The transaction increases the size of WMSI’s business and aligns the company’s goals of leveraging technology to expand product solutions and service offerings.
“This acquisition is an important step forward for WMSI and emphasizes our commitment to developing new and innovative technology solutions for our clients. The combined strength of our two organizations will allow us to create greater overall value across a broader sector of the financial and employee benefit markets beyond distribution and rollover services,” said John Geli, WMSI’s CEO. “We now have the means to accelerate our growth plans for the company while strengthening client partnerships and developing supplemental product offerings.”
The transaction officially closed October 1, doubling WMSI’s client and employee bases. John Geli will be the chief executive officer of the combined entity. Warren Hadley, current president of Archimedes Systems, will continue in his current role overseeing all daily Archimedes operations reporting directly to Geli. To ensure continuity in client servicing, existing sales, relationship management and product development personnel will remain in place. WMSI plans to operate the combined company from existing offices currently located in New York and Waltham, Massachusetts. WMSI will continue to support and develop the full line of WMSI and Archimedes product offerings including: Rollover Central, Advisor Rollover Network, Call Center Application, Automatic Rollover Solutions, Participant and Advisor Calculators, College and Retirement Planning Web- and mobile-based tools, Personalized Communications and Benefit Statements.