October 25, 2012
--- Wealth
Management Systems Inc. (WMSI) has acquired Archimedes Systems Inc. ---
WMSI is a provider of rollover servicing technology in the
retirement services industry. Archimedes Systems is a provider of Web- and
mobile‑based college and retirement planning tools and personalized
communication services. The transaction increases the size of WMSI’s business
and aligns the company’s goals of leveraging technology to expand product
solutions and service offerings.
“This acquisition is an important step forward for WMSI, and
emphasizes our commitment to developing new and innovative technology solutions
for our clients,” said John Geli, WMSI’s CEO. “The combined strength of our two
organizations will allow us to create greater overall value across a broader
sector of the financial and employee benefit markets beyond distribution and
rollover services. We now have the means to accelerate our growth plans for the
company while strengthening client partnerships and developing supplemental
product offerings.”
The transaction officially closed October 1, doubling WMSI’s
client and employee bases. Geli will be the chief executive of the combined
entity. Warren Hadley, current president of Archimedes Systems, will continue
in his role overseeing all daily Archimedes operations reporting directly to
Geli. To ensure continuity in client servicing, existing sales, relationship
management and product development personnel will remain in
place.
WMSI plans to operate the combined company from existing
offices currently located in New York and Waltham, Massachusetts. WMSI will
continue to support and develop the full line of WMSI and Archimedes product
offerings including: Rollover Central, Advisor Rollover Network, Call Center
Application, Automatic Rollover Solutions, Participant and Advisor Calculators,
College and Retirement Planning Web- and mobile-based tools, Personalized
Communications and Benefit Statements.
Rebecca Moore