Close Close

Retirement Planning > Retirement Investing

Deals: BISYS, Transcend, Sand Creek

Your article was successfully shared with the contacts you provided.

A company that sells support services to financial services companies has expanded its ability to hold customers’ cash.

The Dresher, Pa-based retirement services arm of BISYS Group Inc., Roseland, N.J., has completed efforts to acquire Frontier Trust Company, Fargo, N.D., from AXA Financial Inc., New York, a unit of AXA S.A., Paris.

The price of the deal was not available.

Frontier Trust manages about $12 billion in assets for retirement plans through trustee and custodial services arrangements.

BISYS plans to keep Frontier Trust’s current employees and management structure, BISYS says.

In other acquisition news:

- Transcend Technologies Group Inc., Sacramento, Calif., has completed efforts to acquire Comm5 Web Systems, Eden Prairie, Minn.

The price of the deal was not available.

Transcend, founded in 2001, has developed the Web-based Group Benefits Manager benefits and human resources administration system.

Comm5, founded in 1998, has developed the Web-based benefitsCONNECT benefits administration and enrollment system.

Michael Miller, who has been president of Comm5, will become the chief operating officer at Transcend, Transcend says.

- Sand Creek Group Ltd., Stillwater, Minn., has acquired the WellStaff EAP employee assistance program unit from Children’s Home Society & Family Services, St. Paul, Minn.

The price of the deal was not available.

WellStaff will keep its name and operate as a separate Sand Creek division, Sand Creek says.

Sand Creek, WellStaff’s new parent, provides EAP services for many national employers, Major League Baseball and the Executive Office of the President of the United States, Sand Creek says.


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.