- The deal is the latest transaction as part of a global M&A strategy for Smart.
- The announcement follows Smart’s recent $95 million Series E funding round and takes Smart’s global AUM above $10 billion.
May 31, 2023 / Nashville, TN / Smart, the global retirement FinTech that entered the US in 2020, has announced its latest strategic acquisition. The company has acquired ProManage, LLC (ProManage), an independent, US-based financial wellness services provider that offers managed accounts and other personalized retirement solutions to plan sponsors and their plan participants. This move follows a series of strategic transactions by Smart in the US and globally that have contributed to the company’s growth.
The acquisition, which closed on May 31, 2023, follows the acquisition of Stadion Money Management in 2022, and makes ProManage a wholly-owned subsidiary of Smart. The acquisition of ProManage will bolster Smart’s ability to offer a transformative suite of technology solutions across financial wellness, retirement asset accumulation and decumulation. With this acquisition, Smart global assets under management are now over $10 billion. The terms of the deal have not been disclosed.
ProManage’s managed account products, technology and relationships, when combined with Stadion’s suite of solutions, make Smart the 5th largest managed account provider in the US. The scale, brand, and enhanced toolset of the combined organization have global applicability. Moreover, through this acquisition, Smart gains access to experienced investment, actuarial and quantitative professionals, with the entire ProManage leadership team remaining in place.
“The acquisition of ProManage aligns with our commitment to delivering innovative retirement technology solutions that address the needs of plan sponsors and their plan participants,” said Jodan Ledford, CEO of Smart in the US. “This acquisition is a testament to our ongoing mission to close the coverage gap and provide better outcomes for participants as they save for, and spend through, retirement. We are excited to bring the ProManage team into the Smart family, and we are united in our vision to transform the retirement marketplace.”
“This merger not only unites ProManage with a global leader in retirement technology, but also with a company that shares our commitment to providing participants with tailored financial solutions,” said Tony Sabos, co-founder and CEO of ProManage. “We are excited to partner with Smart to accelerate the expansion of our technology-enabled financial wellness, managed accounts and retirement income services and we look forward to supporting the company’s next stage of growth.”
MJR Capital LLC acted as financial advisor and ArentFox Schiff LLP acted as legal counsel to ProManage, LLC. Polsinelli PC acted as legal counsel to Smart with regard to this transaction.