ITM has acquired the products and assets of Profund Solutions, part of Mercer, for an undisclosed sum.

The combined group is aiming to create a 'platform of scale' in the pensions industry, with the acquisition providing ITM with new offshore development and support capabilities to enhance the group’s scale and delivery functions.

ITM also expects the deal to further strengthen its position as a strategic partner for pension schemes and third-party administrators, and builds on the company’s vision of delivering a "rich set of enhanced independent data and administration management software and data-driven platform solutions".

Commenting on the acquisition, ITM CEO Mark Lecompte, said: “Profund is a highly-regarded brand providing quality end-to-end pensions administration and accounting software to third-party administrators and in-house pension scheme administrators.

“Its long-standing presence and loyal customer base make it the perfect strategic fit for ITM’s expanding business and solution strategy.”

Profund solutions chair and Mercer UK pensions administration leader, Malcolm Reynolds, added: “We are pleased to see ITM acquire the Profund administration software business.

“ITM plans to further strengthen and secure the long-term success of Profund, to the benefit of its clients and people. This agreement allows Mercer to focus on optimising our portfolio of solutions across health, wealth and career.”

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