Retirement technology player Smart USA, a division of Smart Pension, announced Wednesday that it's purchasing ProManage, a financial wellness services provider that offers personalized retirement solutions to plan sponsors and their plan participants. Terms of the deal were not disclosed.
Smart USA’s acquisition is the latest in a string of deals for the U.K.-based company, including last year’s purchase of Stadion Money Management. The ProManage deal, which raises Smart’s global assets under management to more than $10 billion, follows Smart’s recent $95 million Series E funding round.
ProManage’s BeFine financial wellness app lets employees view their benefits, retirement readiness and financial accounts in a single place.
MJR Capital acted as financial advisor and ArentFox Schiff acted as legal counsel to ProManage on the deal. Polsinelli PC acted as legal counsel to Smart.
“The acquisition of ProManage aligns with our commitment to delivering innovative retirement technology solutions that address the needs of plan sponsors and their plan participants,” Jodan Ledford, CEO of Smart in the U.S., said in a statement.
Ledford added that the acquisition is a testament to the company’s “ongoing mission to close the coverage gap and provide better outcomes for participants as they save for, and spend through, retirement.”
"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,” said Tony Sabos, co-founder and CEO of ProManage.
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