Xerox this week completed its acquisition of CPAS Systems Inc., a Toronto-based company that provides 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.
CPAS originally developed its software to support the Canadian national pension system, which includes pension and tax work for 10 provinces and the Canadian government. The company”™s international client base includes 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.
CPAS”™s so-called “open-architecture platform” features mobile and web-enabled technology. The platform manages pensions for more than 2 million people in the U.S., Canada, Europe, Asia, Africa and the Caribbean.
Norwalk-based Xerox will offer CPAS both as a standalone software solution and as part of its human resources outsourcing services, “with a special emphasis on the emerging market for government pension administration outsourcing.”
“Governments are under pressure to reduce costs while enhancing services,”said Nancy Collins, group president, Xerox State Enterprise Solutions. “Pension administration is an area where innovation can help our customers recognize significant operational improvements while delivering cost savings. CPAS has a robust, highly flexible solution that strengthens Xerox”™s suite of offerings for modernizing government.”
