Ascensus is acquiring third-party administration firm PenSys, Ascensus announced in a news release Tuesday. Terms of the deal and a closing date were not disclosed.
The Roseville, Calif.-based firm "specializes in the design, implementation, and administration of defined contribution, defined benefit, and cash balance retirement plans," the release said. Assets under administration for PenSys were not disclosed.
The acquisition will help Ascensus expand its California footprint and better serve its clients nationally, Raghav Nandagopal, Ascensus' executive vice president of corporate development and mergers and acquisitions, said in the release.
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.
An Ascensus spokesman could not immediately be reached for additional information.