Xerox announced its acquisition of CPAS Systems Inc., a Toronto-based company providing pension administration software to the private and public sectors.
CPAS software simplifies administration and record keeping for defined benefit, defined contribution and hybrid retirement savings plans as well as health, welfare and group life insurance premiums. The company’s open-architecture platform features mobile and Web-enabled technology and manages pensions for more than 2 million people in the U.S., Canada, Europe, Asia, Africa and the Caribbean.
Xerox will offer CPAS both as a standalone software solution and as part of its human resources outsourcing services offering, with a special emphasis on the emerging market for government pension administration outsourcing.
“Governments are under pressure to reduce costs while enhancing services. Pension administration is an area where innovation can help our customers recognize significant operational improvements while delivering cost savings,” said Nancy Collins, group president, Xerox State Enterprise Solutions. “CPAS has a robust, highly flexible solution that strengthens Xerox’s suite of offerings for modernizing government.”
CPAS originally developed its software to support the complex Canadian pension system, which includes diverse pension and tax legislative requirements for 10 provinces and the federal government. Today the company’s worldwide clients include financial services companies; local, state and national governments; individual and multi-employer plan sponsors; and third-party administrators that manage pensions in multiple languages, jurisdictions and currencies.
“Pension administration is a complex and evolving sector, and CPAS has a strong platform that supports the comprehensive requirements of commercial, government, and institutional plan managers,” said CPAS Chairman and CEO David Rive. “By joining Xerox, CPAS and our clients benefit from this respected business, its powerful brand, and its international presence.”
The CPAS management team and its employees will remain with the company, with its operations continuing in the Toronto office.
CPAS is among the first pension software companies to be registered to the ISO 9001:2008 quality standard, a certification it has maintained for 12 years.