Fintech pension provider Smart has acquired the US retirement savings provider ProManage for an undisclosed sum.
This is the latest global acquisition by Smart and takes its AUM from £5.5bn to £8bn. Smart Pension, its UK master trust, has £3bn AUM.
The deal follows the announcement that it had received a further £76m Series E funding, led by the Aquiline.
ProManage will now be a wholly-owned subsidiary of Smart. ProManage’s retirement and financial wellbeing products, technology and relationships will make Smart the fifth largest managed retirement savings account provider in the US. ProManage’s existing leadership team will remain in place.
Smart said this technology and the enhanced toolset of the combined organisation have global applicability.
Smart co-founders Andrew Evans and Will Wynne, said: “The acquisition of ProManage aligns with our commitment to deliver innovative technology for retirement planning. Accelerating through the milestone of £8 billion assets under management is evidence of the strength and resilience of our business, whether that’s our fast-growing UK master trust, our expanding international partnerships, or strategic acquisitions.
“More people are now saving their money through Smart, and the strength of our industry-leading platform, Keystone, has been an important driver of that.”
ProManage co-founder and CEO Tony Sabos adds: ”This merger not only unites ProManage with a global leader in retirement technology, but also with a company that shares our commitment to providing participants with tailored financial solutions.
“We are excited to partner with Smart to accelerate the expansion of our technology-enabled financial wellness, managed accounts and retirement income services and we look forward to supporting the company’s next stage of growth.”