Two Bluff Point Associates Portfolio Companies Combine to Benefit World's Largest Financial Services Firms
NEW YORK, NY and SACRAMENTO, CA, April 25, 2013 – Innovest Systems, LLC, provider of InnoTrust, the next-generation technology platform for forward-thinking trust and wealth management professionals, and Administrative Systems, Inc. (ASI), the leading provider of secure automated disbursements, tax form processing, and document fulfillment, today jointly announced their intent to merge in a stock-for-stock transaction effective April 30, 2013. Terms of the merger agreement will not be disclosed.
Already serving some of the world's largest financial services firms as well as some of the largest employee benefit providers, the merged company, Innovest ASI, will offer its clients the strength of a next-generation trust and wealth management technology platform tightly integrated with ASI's industry-leading disbursement services. The result will allow customers to focus on their own growth with improved functionality and service delivered by the combined companies.
Innovest currently has more than $400 billion in assets on its technology platform and more than 4 million client transactions processed monthly. "As our clients have grown, we've grown with them," said William Thomas, CEO of Innovest, who will be the CEO of the combined company. "Thirteen years ago, Innovest released its software for trust and wealth management and over the years has refined it to produce a modern-era platform that offers a unique combination of strength, flexibility and compatibility."
"ASI has been a payment and disbursement leader for nearly 40 years because we've continuedto invest in advanced technologies to solve our client's challenges," said Robert Hickman, CEO of ASI. "Joining forces with Innovest, a company that continuously enhances its platform, will allow us to continue investing in the next-generation of payment solutions." Post-merger, Mr. Hickman will continue to manage ASI's business unit.
ASI currently prepares and supports over $24 billion in disbursements annually and tax reporting for 150,000 accounts and 1.2 million plan participants with an unmatched focus on accuracy and on-time delivery.
"Both firms share numerous clients and serve many of the same markets. The merger will improve product and service delivery and ultimately create a stronger organization that can serve clients more effectively," said Mr. Thomas. "Synergy is an oft-overused word, but this is a real case where the combination of technology and human resources serving essentially the same customer base will create a sum bigger than the two parts."
About Innovest Systems, Administrative Systems, Inc., and Bluff Point Associates
Innovest Systems, LLC is a financial technology company providing technology-driven solutions to trust and wealth management companies. Innovest's flagship product, InnoTrust, delivers a secure, integrated, real-time system offered in a Software as a Service (SaaS) environment. Innovest's technology is designed to meet the needs of the world's largest financial services firms, as well as smaller independent trust and wealth management companies. For more information about Innovest, visit www.innovestsystems.com.
For nearly 40 years, Administrative Systems, Inc. (ASI) has been the leading provider of retirement plan benefit disbursements, tax reporting, document printing, and other related services for some of the world's largest banks, trusts, and pension funds. ASI's solutions feature superior functionality, cost efficiency, and unrivaled customer service. For more information about ASI, visit www.asipay.com.
Bluff Point Associates is a private equity firm based in Westport, Connecticut. Bluff Point actively invests in information services companies supporting the banking, trust, securities, retirement, and wealth management sectors of the financial services industry, as well as the healthcare information services sector. BPA and its affiliates are major investors in Innovest and ASI, as well as Wealth Management Systems Inc., Aplifi, Inc., and fi360, Inc. – all financial technology providers. For more information about Bluff Point Associates, visit www.bluffpt.com.