Bisys acquires Time Financial Services
14 July 2006 | 2180 views | 0
BISYS, a leading provider of outsourcing solutions for the financial services sector, today announced its acquisition of TIME Financial Services, Inc., a Woodland Hills, CA - based independent, privately-held planning and insurance consulting organization dedicated to servicing national financial advisory firms.
This acquisition marks BISYS' expansion in the point-of-sale marketplace targeting wirehouses and broker-dealers, and strategically complements the strong position established by LifeSource, a BISYS company. Terms of the transaction were not disclosed.
LifeSource currently provides a total outsourced insurance distribution solution through its national, multi-carrier, employee-based point-of-sale platform. It currently has two teams (Wirehouse and Property & Casualty) with 38 sales personnel and leverages the national operational resources of BISYS Insurance Services.
With more than 100 employees, twenty-five-year-old TIME Financial brings a complementary business model and a mature, robust sales organization that will more than double the field presence in the combined organization. In addition, TIME brings significant institutional relationships with nationally-known clients to the table.
Kate Kinkade, chief executive officer of TIME Financial, who will lead the combined entity, added, "We see an excellent fit with the LifeSource Wirehouse team, both philosophically and geographically, and believe that combining the resources of these organizations will provide the scope of coverage and quality of service that financial advisory firms require. BISYS is the perfect partner to fuel our expansion plans and position us for strong growth into the future."
Mike Martini, executive vice president of BISYS Insurance Services, who leads the institutional business segment into which the new entity willreport, commented "this acquisition gives us a stronger field presence and an outstanding list of client partners. I am looking forward to working with Kate as we continue to expand our presence in this important market segment – her leadership and experience is exactly what we need to accelerate this effort".
"I am pleased with the progress we've made during the past two years with our LifeSource Wirehouse initiative – the investment in TIME demonstrates our continued dedication to the institutional market place. The combined organization, which will be renamed, TIME Financial – a BISYS Company, gives us the resource and skill set necessary to achieve our operational and organizational objectives," said John Howard, president, BISYS Insurance Services.