BISYS Acquires Universal Pensions

June 1, 2001 ( - BISYS Group Inc., a company that automates daily transactions for financial institutions, has purchased Universal Pensions Inc.

The $85 million cash deal was struck by BISYS in a bid to enhance its position in retirement plan services to include 401(k) plan administration for its financial services clients.

The acquisition of Universal Pensions will be recorded via purchase method accounting, according to BISYS.