Independent Transition Management Limited (ITM), the leading provider of data management and technology services to the pensions and financial services markets, today announces the signing of an agreement to acquire the products and assets of Profund Solutions Limited, part of Mercer, a business of Marsh McLennan.

Founded in 2003, ITM specialises in pension-focused technology-led data management solutions, administration software and migration services, working with pension funds, providers, trusts and administrators as well as other generalist financial institutions. ITM utilises proprietary software and specialist expertise built over 15 years to provide critical and complex data services for its blue-chip clients in the private and public sectors. Headquartered in London, ITM currently employs around 130 staff across the UK, with additional offices in Guildford and Edinburgh.

Commenting on the deal, ITM’s CEO Mark Lecompte, said “Profund is a highly-regarded brand providing quality end-to-end pensions administration and accounting software to third-party administrators and in-house pension scheme administrators. Its long-standing presence and loyal customer base make it the perfect strategic fit for ITM’s expanding business and solution strategy.”

Profund Solutions Limited is home to a 100+ client base of third-party administrators and individual schemes with excellent long-standing relationships, delivering pension administration and accounting software and recently ranked in the top 3 providers in the market. The acquisition of Profund further strengthens ITM’s position as a strategic partner for pension schemes and third-party administrators, continuing to support the company’s vision of delivering a rich set of enhanced independent data and administration management software and data-driven platform solutions for both DB & DC schemes.

Malcolm Reynolds, Chair of Profund Solutions Limited and UK Pensions Administration Leader at Mercer, said: “We are pleased to see ITM acquire the Profund administration software business. ITM plans to further strengthen and secure the long-term success of Profund, to the benefit of its clients and people. This agreement allows Mercer to focus on optimising our portfolio of solutions across health, wealth and career.”

The combined Group will create a platform of scale in the Life & Pensions industry, with a broad suite of capabilities to deliver unparalleled value to clients and across the entire pensions market. The acquisition will also provide ITM with new offshore development & support capabilities to enhance the group’s scale and delivery functions.

Colleagues and clients are at the heart of ITM. ITM is committed to ensuring an innovative and inclusive place of work for colleagues and we look forward to working with Profund clients, bringing further evolution of capabilities that provide end-to-end support to cater for the digital demands of the 21^st century.

The portfolio manager at Inflexion, ITM’s major shareholder, Andrew Mainwaring, commented, “ITM is a clear leader in its space, with a strong reputation, bespoke proprietary software and long-term relationships with blue-chip customers. The acquisition provides an excellent opportunity to consolidate pensions software assets and to deliver further complimentary services to a larger customer base.”