London-headquartered global pension savings platform Smart has acquired US-based retirement savings solutions provider ProManage for an undisclosed sum.
This comes a couple of weeks after Smart closed its $95m (£76m, €87m) Series E funding in a round led by private investment firm Aquiline Capital Partners.
ProManage offers managed retirement savings accounts and other personalised retirement solutions.
With this acquisition, Smart’s global assets under management are now over £8bn ($9.5bn, €9.3bn). The acquisition of ProManage will bolster Smart’s suite of financial wellbeing and retirement savings technology across the globe.
ProManage’s existing leadership team will remain in place.
Transform
Andrew Evans and Will Wynne, co-founders of Smart, said: “The acquisition of ProManage perfectly aligns with our commitment to deliver innovative technology for retirement planning. This acquisition is a testament to our ongoing mission to transform retirement, savings and financial wellbeing, across all generations, around the world.
“We are excited to bring the ProManage team into the Smart family, and we are united in our vision to transform the retirement marketplace to the benefit of savers across the globe.
“Accelerating through the milestone of £8bn 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 through strategic acquisitions.
“We continue to transform retirement, savings and financial wellbeing by bringing clients onto our industry-leading platform, Keystone. More people than ever are now saving their money through Smart, and the strength of our industry-leading platform, Keystone, has been an important driver of that.”
