Community Bank Systems scoops up Northeast Retirement Services for $140M

• Founded in 1999 and based in Woburn, MA, Northeast Retirement Services is a privately-held company providing plan accounting, transfer agency, fund administration, trust and retirement plan services.
• The cash and stock deal is roughly valued at $140M and expected to close in Q1.
• Upon closing, NRS will become a subsidiary of NYSE:CBU's Benefit Plans Administrative Services. Combined, the two will have more than $80M in annual revenue, $50B in trust assets, and 3.8K retirement and other employee benefit plan administration clients.