DRESHER, Pa., June 27, 2018 /PRNewswire/ — Ascensus, a technology-enabled solutions provider that helps more than 8 million Americans save for the future, has entered into an agreement to acquire QBI, LLC (QBI). The third-party administration (TPA) firm will immediately become part of Ascensus’ TPA Solutions division.

Based in Woodland Hills, California, QBI is one of the largest administrators of defined contribution and defined benefit plans in the country. The firm, which boasts a 40-year track record of successfully serving retirement industry needs, works with more than 3,500 plans and employs over 80 employees—most of whom are long-tenured due to the company’s high employee retention rate.

“QBI is a fast-growing company whose expertise in defined contribution and defined benefit plans is matched by their passion for building solid, long-lasting relationships with clients,” states David Musto, Ascensus’ president. “These traits—along with the culture of corporate and associate responsibility that they’ve created—will make QBI a meaningful contributor to Ascensus’ mission to help Americans prepare for the future.”

“QBI has always believed that the best administered retirement plans are supported by a well-established and efficient service model and infrastructure,” says Greg Taylor, QBI’s founder. “I’m looking forward to making QBI even more effective at helping businesses achieve their retirement plan goals as part of Ascensus, as our team will have access to additional resources that will allow us to anticipate and respond to client needs, large and small.”

“We see great potential for QBI due to the tremendous amount of brand equity they possess along with their leadership position in the TPA market,” says Raghav Nandagopal, Ascensus’ executive vice president of corporate development and M&A. “In addition, their strong presence in California allows us to increase our footprint in a region that is geographically attractive to us. We will continue to pursue opportunities that can help us grow in this area.”

About Ascensus
Ascensus helps more than 8 million Americans save for the future—retirement, education, and healthcare—through technology-enabled solutions. With more than 35 years of experience, the firm offers tailored solutions that meet the needs of asset managers, banks, credit unions, state governments, financial professionals, employers, and individuals. Ascensus supports over 60,000 retirement plans, more than 4 million 529 education savings accounts, and a growing number of ABLE savings accounts. It also administers more than 1.6 million IRAs and health savings accounts. As of March 31, 2018, Ascensus had over $187 billion in total assets under administration. For more information about Ascensus, visit ascensus.com.

View career opportunities at careers.ascensus.com/page/show/tpa and careers.ascensus.com or on LinkedIn at linkedin.com/company/ascensus. For the latest company news, follow @AscensusInc on Twitter.

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SOURCE Ascensus