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Deals and People May 31, 2023
Smart Bolsters Tech Solutions With Acquisition of ProManage
Smart’s global assets under management soar to more than $10 billion following its recent $95 million Series E funding round.
Reported by Natalie Lin
Smart USA Co., a retirement financial technology firm and division of Smart Pension Ltd., announced Wednesday its acquisition of ProManage LLC, taking Smart’s global assets under management to more than $10 billion.
Chicago-based ProManage is an independent financial wellness services provider that offers managed accounts and other personalized retirement solutions to plan sponsors and plan participants. The acquisition will bolster Smart’s suite of technology solutions across financial wellness, retirement asset accumulation and decumulation, the Nashville-based U.S. division of Smart announced.
“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, ProManage’s CEO and co-founder, in a statement. “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.”
The acquisition, which closed on Wednesday, makes ProManage a wholly-owned subsidiary of Smart and follows Smart’s acquisition of Stadion Money Management in 2022. With the addition of ProManage, Smart has become the fifth largest managed account provider in the U.S., according to the announcement.
“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,” said Jodan Ledford, Smart’s CEO in the U.S., in a statement. “We are excited to bring the ProManage team into the Smart family, and we are united in our vision to transform the retirement marketplace.”
The announcement follows Smart’s recent $95 million Series E funding round, with contributions from Aquiline Capital Partners LLC, Chrysalis Investments and Fidelity International Strategic. The Series E funding will go toward global growth across Smart’s operations in the U.S., Europe, Asia and the Middle East, along with funding acquisition plans, according to a previous announcement.