Ascensus is acquiring third-party administration firm QBI LLC, Ascensus announced in a news release Tuesday.
Terms of the deal, which is expected to close July 1, were not released.
QBI works with more than 3,500 defined contribution and defined benefit plans, according to a news release. Ascensus and QBI officials declined to provide QBI's assets under administration.
The QBI team will remain unchanged.
"We see great potential for QBI due to the tremendous amount of brand equity they possess, along with their leadership position in the TPA market," said Raghav Nandagopal, Ascensus' executive vice president of corporate development and M&A, in the release. "In addition, their strong presence in California allows us to increase our footprint in a region that is geographically attractive to us. We will continue to pursue opportunities that can help us grow in this area."
Ascensus, a defined contribution record keeper and administrator of 529 college plans and health savings accounts, had more than $187 billion in assets under administration as of March 31.