"This acquisition is an important step forward for WMSI and emphasizes our commitment to developing new and innovative technology solutions for our clients. 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," said John Geli, WMSI's CEO. "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 on October 1, 2012 doubling WMSI's client and employee bases. John Geli will be the Chief Executive Officer of the combined entity. Warren Hadley, current President of Archimedes Systems Inc., will continue in his current role overseeing all daily Archimedes operations reporting directly to Mr. Geli. To ensure continuity in client servicing, existing sales, relationship management, and product development personnel will remain in place.
"The acquisition is a growth opportunity for Archimedes and an acknowledgement of our reputation in the marketplace, premiere client base, competitive products and strong financial position that has been over 20 years in the making," said Warren Hadley, President of Archimedes Systems Inc. "WMSI and Archimedes are strategically aligned in our goal of helping service providers, plan sponsors, and advisors to support individuals in maximizing their workplace benefits to achieve financial well being and longer term financial security."
WMSI plans to operate the combined company from existing offices currently located in New York City, 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.
Archimedes is a leading provider of web-based college and retirement planning decision support tools and personalized communications tools that inform, educate, and motivate employees, individuals, participants, advisors and individuals. Since 1991, Archimedes Systems has designed and built customized applications for retirement, personal finance, education funding, and employee communications. For more information, visit www.archimedes.com