Ascensus acquired third-party administration firm INTAC Actuarial Services Inc., Ascensus announced in a news release Tuesday.
Terms of the deal, which closed Tuesday, were not provided.
INTAC, which is based in Ridgewood, N.J., administers employer-sponsored retirement plans for about 3,000 small to midsize companies, according to the news release. Ascensus officials declined to provide INTAC's assets under administration.
"Geographically speaking, the tri-state and greater Delaware areas are important market expansion opportunities for our TPA solutions division," Raghav Nandagopal, Ascensus' executive vice president of corporate development and mergers and acquisitions, said in the release. "With its strong historical growth, successful long-term track record and associate-focused culture, INTAC is an ideal business to help Ascensus achieve its immediate and long-term growth plans." The tri-state area includes New York, New Jersey and Pennsylvania.
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. The firm has acquired eight other retirement third-party administrators this year.
