Congruent acquires IPX Retirement Edge to expand product portfolio

Chennai, Apr 2 (PTI) Software-as-a-Service provider Congruent acquired IPX Retirement Edge, a niche platform for retirement income solutions, from US-based IPX Retirement, thereby expanding its suite of retirement technology offerings, a top official said.
    The IPX Retirement Edge platform enables Congruent to address the growing demand for guaranteed and secure income options among participants.
    Commenting on the acquisition, Congruent CEO Balaraman Jayaraman said, "IPX Retirement Edge is a transformative solution for annuity providers, sponsors, participants, and record keepers looking to streamline the integration of guaranteed income options."
    He added, "This comprehensive platform allows providers to efficiently deliver the retirement security that today's plan participants and sponsors seek while significantly reducing operational complexity and risk for record keepers and sponsors alike."
    IPX Retirement Edge enables retirement plans to offer in-plan guaranteed income investment options to users. It supports participants through the entire process—from enrollment and education to investment selection, policy issuance, cashiering, and statement reporting, the city-based company said in a press release on Wednesday.
    IPX Retirement CEO Bill Mueller stated, "With the addition of IPX Retirement Edge, Congruent will further enhance the breadth of its retirement solutions through the CORE platform. Congruent is well-positioned to enable innovative connectivity between plan service providers and retirement income providers to offer income solutions."
    "Together, this combination ensures a wider range of offerings and a seamless experience for advisors, sponsors, record keepers, and participants," Mueller added.

(This story has not been edited by THE WEEK and is auto-generated from PTI)