Pension Specialists, Inc. announced Tuesday it has acquired of the Human Capital Services division of RSM McGladrey, Inc. The company says the acquisition expands PSI’s retirement plan servicesto include Human Capital Services’ offerings of retirement recordkeeping andadministration, actuarial services, ESOP, compensationand employee benefits consulting.The transaction is expected to close within 60 days.
The combined company will assume a new name, Verisight, Inc. Verisight means “truthful insight”, which the company says is consistent with the firm’s commitment to be a trusted client partner driven by core values of honesty and integrity. Verisight will have 12 office locations and provide services to retirement plan clients with more than $13 billion of assets.
“The addition of RSM McGladrey’s Human Capital Services adds tremendous breadth to our business solutions,” Greg Tschider, chief executive officer of Pension Specialists said in a statement. “This acquisition reflects our dedication to expanding our product line and our geographic reach while maintaining our focus in the retirement plan space. The rebranding to Verisight is an important step in combining the business lines into one cohesive operating company.”
The company said that in order to ensure continuity after the transaction is completed, Verisight and McGladrey will maintain a strategic relationship through a joint marketing agreement.
“We look forward to a lasting relationship with Verisight,” said Mike Stokke, RSM McGladrey’s National Client Service Strategy and Delivery Leader. “McGladrey will continue to work closely with Verisight to provide a full range of integrated and seamless solutions to clients of both organizations.”
Upon closing, Human Capital Services will immediately begin to use the new name. Rebranding of the other business lines will be implemented throughout the remainder of 2011.