Xerox Buys CPAS Systems

(RTTNews) - Xerox Corp. (XRX) said Tuesday that it has acquired CPAS Systems Inc., a Toronto-based company providing pension administration software to the private and public sectors.

CPAS software simplifies administration and record keeping for defined benefit, defined contribution and hybrid retirement savings plans as well as health, welfare and group life insurance premiums. The company's open-architecture platform features mobile and Web-enabled technology and manages pensions for more than 2 million people in the U.S., Canada , Europe , Asia, Africa and the Caribbean.

Xerox will offer CPAS both as a standalone software solution and as part of its human resources outsourcing services offering, with a special emphasis on the emerging market for government pension administration outsourcing.

The CPAS management team and its employees will remain with the company, with its operations continuing in the Toronto office.