July Business Services (JULY) has entered into an acquisition transaction with Colorado-based Digital Retirement Solutions (DRS), bringing the two teams together for growth and opportunity, according to the firm’s announcement.
The DRS acquisition is part of JULY’s increased focus on strategic growth and represents the firm’s third acquisition in the past four years. Founded in 1998, DRS provides high tech and high touch recordkeeping and administration services for retirement plans, making them a valued strategic partner for investment advisors and employers.
DRS CEO Michael Pierce has joined the JULY team and will play a key role in business development and relationship management. In addition, the entire team of DRS is transitioning to similar roles at JULY.
“JULY is a great cultural fit for DRS with a commitment to delivering a personal approach to client servicing. Integrating our clients onto JULY’s platform will allow us to introduce new technology to employers and advisors, present enhanced online tools and capabilities to participants, and improve internal workflows,” says Pierce.
With this transaction, JULY has over 6,700 plans and $8.5 billion in plan assets. In addition, JULY will now maintain a business office in Longmont, CO, outside of Denver.
“The DRS acquisition is a great fit for JULY’s strategic growth initiative. It not only strengthens our advisor and client relationships in Colorado and surrounding states, but it also adds credentialed and experienced talent to our team,” states JULY CEO John Humphrey. “Michael and his team have built a strong business with deep client and advisor relationships, a focus on quality and service, and it meets our top priority of enhancing and maintaining a strong company culture.”
The terms of the deal were not disclosed.