Madison, WI (September 2, 2015) – TASC (Total Administrative Services Corporation) is pleased to announce that it has reached an agreement to acquire BMO Benefit Services, a part of BMO Global Asset Management and a division of BMO Harris Bank N.A. BMO Benefit Services works with organizations to provide tax-free savings options for their employees, including Flexible Spending Accounts (FSA) and Health Reimbursement Accounts (HRA).
With this acquisition TASC remains the largest privately held, third-party employee benefits administrator in the country.
We are pleased to work with BMO Global Asset Management on this transaction,” said Dan Rashke, CEO of TASC. “Their focus on quality and customer service is a perfect fit with our mission to deliver innovative services with right-touch experiences for our distributors, clients, and plan participants.”
Today, with a sales force of more than 10,000 combined distributors and regional sales directors and more than 900 employees nationwide, TASC processes over $2 billion in payments annually. With TASC, clients of BMO Benefit Services will have access to additional benefits administration services.
“We believe that this business will flourish under TASC given their dedication to the flexible benefits space and that our clients and talented team of employees will be well served working with a strong and growing industry leader,” said Steve Arquilla, COO, BMO Global Asset Management (US).
Mr. Arquilla noted that the transaction was consistent with BMO Global Asset Management’s ongoing strategy to focus on its world-class asset management business and complementary services such as institutional trust and custody.
Subject to the satisfaction or waiver of all conditions under the transaction agreement, the transaction is expected to close September 30, 2015. Terms of the transaction were not disclosed.
