The Newport Group is using its acquisition of Ceridian to speed up delivery of new services on the Newport platform as it expands the number of participants it reaches in the qualified plan business. Chief Operating Officer Bryant Kirk said Ceridian has a number of services that Newport did not have that complement its own offerings, though he declined to be specific. “We’re exploring opportunities to include Ceridian products that complement ours,” he said.
The client migrations to the new brand will start later in the year, Kirk said, such as altering the client Web sites. The underlying core recordkeeping system will remain the same, he added, because both Newport and Ceridian use the same software. Newport will keep the 130 people that work for Ceridian and maintain the current location in Minneapolis. Financial terms of the sale were not disclosed.