Ascensus acquired United Retirement Plan Consultants, a third-party administrator based in Dublin, Ohio, Ascensus said Monday in a news release.
The acquisition will help expand the geographic reach of FuturePlan, Ascensus' third-party administration business, said Jerry Bramlett, head of FuturePlan, in a telephone interview.
"It's a way for us to increase our bandwidth so we can grow faster organically and also give us more coverage across the country in locations where we currently are not located," Mr. Bramlett said.
He declined to disclose the terms of the deal.
URPC has 13 locations nationwide, serves 8,000 plans and has a "very efficient operating environment," factors that made the company particularly attractive, Mr. Bramlett said.
The acquisition, which closed Monday, will bring FuturePlan's total number of plans under administration to 48,000. Mr. Bramlett did not know how much the new firm had in assets under administration.
The purchase is the second acquisition in as many weeks. On May 22, Ascensus announced that it would acquire Pension Strategies, a Phoenix-based TPA firm, which would give it a foothold in the rapidly growing Arizona market. The purchase was expected to close the first week in June.
