Dresher, Pa.-based Ascensus is acquiring CUNA Mutual Group’s IRA Services division as it looks to build its market within the growing retirement-plan arena.

“This investment demonstrates our view that there are strong growth opportunities in the retirement market and especially in the IRA space,” said Bob Guillocheau, president of Ascensus, in a statement.

Ascensus, the nation’s largest independent recordkeeper and administrator for retirement plans in the micro- to large-market segments will acquire the Madison, Wis.-based company, which provides IRA and health savings account education and compliance products and services to the credit union marketplace. IRA Services counts more than 4,000 credit unions nationwide as its clients.

The deal, which requires several approvals, could close by July 13. Terms of the deal were not disclosed.

Jeff Post, president and CEO of CUNA Mutual, said the deal “reinforces our efforts to refocus our company on those products that are core to our customers and to CUNA Mutual’s future success.”

The existing employees of CUNA Mutual Group’s IRA Services division along with the current management structure will remain with the business and operate as a part of the Retirement Products & Solutions Group within Ascensus.