Retirement technology provider Smart has entered into an agreement to acquire Stadion Money Management for an undisclosed sum.

The acquisition follows Smart’s recent £165m series D funding round and is scheduled to close during Q1 2022.

It forms part of Smart’s merger and acquisition (M&A) strategy and Stadion will become a wholly owned subsidiary of Smart.

Stadion’s managed account knowledge and technology will “bolster” Smart’s suite of retirement technology, comprising personalisation across accumulation and decumulation.

Through Stadion, Smart will gain 40 staff, which takes overall global business to around 700 colleagues.

Smart UK CEO, Jamie Fiveash, welcomed the merger: “We are thrilled our M&A strategy, led by Paul Toon who joined recently from Legal and General Investment Management, is providing excellent results so quickly.

“We are focused on deals that closely align with our strategy and we will continue to execute M&A as a tool to deliver on our targets.”

Smart UK co-founders, Andrew Evans and Will Wynne, added: “This acquisition marks a pivotal point for Smart and is also an important in combining the best tech, talent, and resources from around the globe to create a single platform that can transform DC savings in the UK and beyond.

“It further reinforces our strategic direction to accelerate growth through M&A that we announced in Q4, 2021.

“We are excited to bring aboard the full Stadion team, who are united in our vision to transform the retirement marketplace. We have no doubt that our people-first and tech-forward cultures align well.”

Smart said it has ambitions to further its growth globally and in the UK, and will seek to align with additional ‘like-minded strategic partners’.

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