Princeton Financial Systems buys Barton and Bolton Associates
Princeton Financial Systems, a wholly owned subsidiary of State Street Corporation and leading provider of investment management and accounting systems for global institutional investors, announced today that it has completed the closing of its acquisition of Barton and Bolton Associates, the market leading provider of unit value pricing and trading capabilities to the variable annuity product industry.
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"With the acquisition of Barton and Bolton, Princeton Financial meets a strategic goal of expanding into a new product area which we believe has great growth potential" says Jim Russo, CEO and President of Princeton. "Barton and Bolton's expertise and Unit Value Trade System brings us instant credibility in servicing the variable annuity market. In addition, as a result of the acquisition, we further extend our already strong presence in the global insurance marketplace."
Barton and Bolton was founded in 1993 and has since been providing software solutions and consulting services to the variable annuity industry across the U.S. and Canada. The Unit Value Trade System is a functionality rich application which allows fully automated pricing and trading, product and fund level expense charges, SEC performance reporting, and accounting and corrections processing.
"Our vision has been to significantly grow our product offerings and presence in the variable annuity market" says Glenn Barton, co-founder of Barton and Bolton. "We believe the backing of Princeton Financial, with their strong reputation and experience as a software provider, will allow us to accomplish and exceed our goals."
As of the transaction close, Barton and Bolton will operate under the Princeton Financial name and the flagship product will be marketed as PAM for Unit Value Trade System.
Financial terms of the transaction were not disclosed.