Goldman Sachs Acquiring Austin based Honest Dollar Inc
Goldman Sachs Acquiring Austin based Honest Dollar Inc

Goldman Sachs Group Inc. is acquiring Austin based Honest Dollar Inc. that offers retirement services to those workers who do not have access to employer-based plans.

On Monday, Goldman Sachs based in New York said, the Texas company specializes in IRA-type retirement plans that hold good for independent contract workers, the self-employed people or small as well as medium sized businesses. Terms of the deal were not disclosed but it is expected to close in the second quarter. Co-heads of Goldman Sachs's investment-management division O'Neill and Lane said, "Honest Dollar has created a simple solution to a complex retirement savings problem."

According to the statement, around forty five million of the Americans do not have access to employer-based retirement plans.

This acquisition will be the ninth acquisition for the investment management division of Goldman Sachs after Eric Lane joined the unit as a co-head with Tim O'Neill in December 2011.

This business unit had set a goal of boosting its revenue ten percent or more per year and brought in a 2.7 percent increase in 2015 compared to 2014 at $6.21 billion. The amount represented eighteen percent of the total revenue of the firm in 2015.