BISYS has purchased Universal Pensions, an American retirement plan services provider, in an $85m all cash deal.
With the acquisition, BISYS, a provider of banking, investment, and insurance outsourcing services, will provide record keeping services to over 15,000 small to mid size 401(K) plans, with approximately 1.3m participants.
Universal Pensions, formed in 1975, is a 40l(k) outsource provider, supplying forms, 401(k) record keeping, training and financial planning tools.
BISYS will now offer Universal Pensions’ retirement plan documents and education programs. Universal Pensions’ prototype plan documents are used by approximately 4m Individual Retirement Accounts (IRA).
By Geoffrey Ho
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