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Millennium Trust Company Completes Acquisition Of Payflex®

Jun 01, 2022•over 3 years ago

Acquiring Company

Millennium Trust

Acquired Company

PayFlex

Financial ServicesProfessional Services

Description

Millennium Trust Company, LLC, a leading provider of retirement, workplace, and custody services for employers, institutions, advisors, and individuals, today completed the previously announced acquisition of PayFlex Holdings, Inc., a provider of Health Savings Accounts (HSAs) and other consumer-directed benefits solutions, from CVS Health.

Company Information

Company

Millennium Trust

About

Millennium Trust is a leading provider of retirement and financial services and consumer-directed benefits, with more than five million individual and institutional clients holding more than $47 billion in assets. We are committed to the evolving needs of individuals, employers, advisors, and institutional partners and to empowering clients with trusted expertise, exceptional service, and access to a wide range of solutions. Whether clients are managing retirement assets, running a business, or seeking choices beyond traditional asset options, Millennium Trust provides flexible digital solutions to support their success. Learn more at www.mtrustcompany.com.

M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed