FTV Capital has committed $25 million to ASPire Financial Services, a company that provides retirement plan solutions to small and medium-sized businesses, organizations and government entities. FTV Capital is a growth equity firm focused on innovative, high-growth businesses and has a strong track record in asset management related businesses.
ASPire has served the retirement industry since 2002 with its cost effective platform, offering a distinct alternative to the traditional bundled service providers and filling a void in the underserved 403(b) and IRA market segments, according to the company. ASPire helps advisors and third party administrators navigate the significant changes currently underway in the retirement industry, including the challenges associated with transparency through fee disclosure reforms within ERISA-based plans, the need to provide highly customized program features with flexible investment choices, and the need for efficient interoperability access with multiple service providers.
Proceeds from the growth equity investment will be used to drive continued rapid organic growth through expanded sales and client service teams as well as further development and deployment of key functionality enhancements to ASPire's operating platform to meet strong customer demand.
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"ASPire is uniquely poised to meet the needs of the retirement plan market, especially given the evolving market dynamics around fee disclosure transparency and increased client demand for open architecture," said Ben Cukier, FTV Capital partner and new ASPire board member. "We are excited to partner with this highly experienced management team, and we look forward to connecting the company with our network of financial industry executives in support of ASPire's continued expansion."
Peter Kirtland, president of ASPire, said that, "This investment allows us to accelerate the development of game-changing technology within the 403(b) and other non-ERISA plan space, as well as provide our core ERISA clients with enhanced tools and services that will afford all participants a higher probability of retirement success." He added that the partnership with FTV marks the next phase of ASPire's evolution and enables the company to advance its position as a premier provider of an outsourced retirement platform to the retirement investment community.
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