London-headquartered fintech Smart has acquired US-based retirement savings solutions provider ProManage in a deal which takes Smart's assets under management (AUM) to more than £8bn.
London-headquartered fintech Smart said the deal, announced today (31 May), makes it the fifth largest managed retirement savings account provider in the US.
The terms of the deal have not been disclosed, but ProManage's leadership team will remain in place.
It follows the recent news that Smart Pension reached £3bn in May. The acquisition is part of Smart's global merger and acquisition strategy and follows Smart's £76m Series E funding round held in May, led by Aquiline.
Smart co-founders Andrew Evans and Will Wynne said: "The acquisition of ProManage perfectly aligns with our commitment to deliver innovative technology for retirement planning. This acquisition is a testament to our ongoing mission to transform retirement, savings and financial wellbeing, across all generations, around the world. We are excited to bring the ProManage team into the Smart family, and we are united in our vision to transform the retirement marketplace to the benefit of savers across the globe.
"Accelerating through the milestone of £8bn AUM is evidence of the strength and resilience of our business, whether that's our fast-growing UK master trust, our expanding international partnerships, or through strategic acquisitions."
ProManage co-founder and chief executive Tony Sabos said: "This merger not only unites ProManage with a global leader in retirement technology, but also with a company that shares our commitment to providing participants with tailored financial solutions. 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."
