DST, a global provider of data management, business processing, and customer communication solutions, has announced that it has agreed to acquire New York-based Wealth Management Systems Inc. (WMSI), which provides rollover and advisor solutions, along with financial planning and education tools and communications, to the retirement services industry.
The deal is expected to position the firm so that it can better serve a market dealing with aging demographics.
WMSI utilizes technology in combination with customer data, education, and marketing to provide clients with solutions to support financial well-being and retirement readiness. Clients range from Fortune 500 companies to small businesses in the financial services and employee benefit arenas.
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With more than 40 firms participating in its network, WMSI is connected to recordkeepers servicing over 12 million participants and provides automatic rollover services to over 25,000 plan sponsors. In addition to its New York City location, the firm has offices in West Palm Beach, Florida, Boston, and Waltham, Massachusetts.
On completion of the deal, WMSI and its employees will become part of the DST Retirement Solutions business unit, which provides defined-contribution technology, strategic advisory, and business processing solutions to the industry, and WMSI's suite of services and rollover solutions will come to market as part of DST Retirement Solutions.
The acquisition, which is expected to close by the end of the year, is subject to certain approvals and other closing conditions. The purchase price of $64 million will be funded using a combination of cash and short-term borrowings on revolving credit lines. On an earnings-per-share basis, the transaction is projected to be break even to DST in the first year.
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