Verisight Acquires DailyAccess Corporation

Verisight Inc. is acquiring retirement and benefit plan service provider DailyAccess Corporation, and its subsidiaries, InterServ, LLC and DailyAccess Health and Welfare, LLC.

The combined entity will provide services, from 18 offices across the nation, to more than 6,500 retirement plan clients holding more than $30 billion in retirement plan assets. The acquisition particularly enhances the presence of retirement plan service and consulting solution provider Verisight in the Southeast U.S.

The combined company will operate under separate brands for the short-term. Greg Tschider will be at the helm of the combined organization and continue to serve as CEO of Verisight, with Tommy Thomasson continuing to serve as president and CEO of DailyAccess.

The combined areas of expertise of the two companies include 401(k) and other retirement plans, recordkeeping and administration, trust and custodial services, actuarial services, employee stock ownership plans (ESOPs), compensation and employee benefits consulting, as well as third party fiduciary support and health and welfare services. The combined organization will continue to serve plan sponsors and retirement plan advisers to enhance its offerings and expertise for its advisory partners.

“The synergies gained by combining the resources of our two companies will enable us to deliver more robust solutions for our clients and advisers, in order to meet the demands of the evolving benefits industry,” Tschider says. “This strategic acquisition not only reaffirms our commitment to exceptional client service but, through expanded geographic reach and service offerings, also firmly establishes the combined entity as one of the largest and most comprehensive providers working in partnership with financial advisers in the retirement space today.”

“We believe that our combined organization will fulfill the market need for a client-centric, national independent retirement plan provider that is focused on ease and expertise for the adviser and their clients,” Thomasson adds.

Mobile, Alabama-based DailyAccess will operate as a wholly-owned subsidiary of Verisight, while InterServ and DailyAccess Health and Welfare will continue to be owned by DailyAccess.

Verisight Inc., headquartered in Walnut Creek, California, was the name given to the combined company when Pension Specialists, Inc. acquired the Human Capital Services division of RSM McGladrey, Inc. in 2011 (see “Pension Specialists Acquires RSM McGladrey’s Human Capital Services Division”).