Xerox Corp. has acquired CPAS Systems Inc., a Toronto-based company providing pension administration software to the private and public sectors.
Financial terms were not disclosed.
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, Xerox said.
The company's platform features mobile and Web-enabled technology and manages pensions for more than 2 million people in the United States, Canada, Europe, Asia, Africa and the Caribbean.
Xerox said it will offer CPAS both as stand-alone software and as part of its human resources outsourcing services offering, with an 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, in a statement.
The CPAS management team and its employees will remain with the company, with its operations continuing in the Toronto office, Xerox said.
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