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Empower Closes Acquisition Of Prudential Financial Retirement Business

Apr 04, 2022•over 3 years ago

Acquiring Company

Empower

Acquired Company

Retirement Business

San FranciscoFinancial Services

Description

Empower today announced it has completed the previously announced acquisition of Prudential Financial, Inc.’s full-service retirement business.

Company Information

Company

Empower

Location

San Francisco, California, United States

About

Empower is a high-growth financial technology company on a mission to expand access to fair credit to give anyone in the world the opportunity to improve their financial security and mobility. We dream up and launch one-of-a-kind features that help our members get money instantly whenever they need it, save for the future, and rewrite their financial story. Our members see Empower Cash Advance as a life-saver, Empower Automatic Savings as a game-changer, and the new Empower Thrive line of credit as a lifeline to low-cost borrowing and the only practical path to building good credit.

M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed