Citigroup Acquires Stock Benefit Provider AST StockPlan

August 16, 2000 ( - Citigroup has acquired AST StockPlan Inc., a provider of stock benefit plan services.

The acquisition positions Citigroup to take advantage of an expanding market for equity-based compensation programs, including stock options and employee stock purchase plans.
AST StockPlan was founded in 1991 and currently serves some 545 corporate clients, covering more than 645,000 participants, with a particular focus on high tech companies.

AST StockPlan will remain a separate entity servicing its current clients, though it will work with Salomon Smith Barney’s Stock Plan Services group to leverage their respective systems. 

SSB has more than 500 clients, including 11 of the Fortune 25, with over 2 million participants.

The transaction is expected to close at the end of August.

– Nevin Adams