Accruit Accelerates Growth and Opportunities for Clients with Strategic Sale to Millennium Trust Company
DENVER, Co. - (May, 4, 2023) - On April 19, 2023, Accruit announced a successful acquisition by Millennium Trust Company, a leading provider of health, wealth, retirement, and benefits solutions. In this strategic move, Accruit is excited to bring real estate 1031 exchange service solutions to over 5 million Millennium Trust clients holding over $55 billion in assets under custody.
After an extensive process and in-depth evaluation of numerous companies, Accruit found the right match in Millennium Trust. For over 20 years, Millennium Trust has provided access to and custody solutions for alternative asset investments, including real estate, making the company and its existing clients a great fit for Accruit’s real estate 1031 exchange services.
“As we looked at how to best serve our current clients and grow our business, finding a company with strategic, like-minded values and service, which we found in Millennium Trust, was the right move,” said Brent Abrahm, CEO and Founder of Accruit. “This acquisition isn’t about slowing down, it’s about accelerating our growth and opportunities, and extending our reach to over 5 million potential clients.”
As a 1031 exchange Qualified Intermediary and a technology solution provider, Accruit holds a unique position in the marketplace, making it an attractive extension of the solutions Millennium Trust currently offers clients. Accruit’s patented 1031 exchange workflow technology, The transfer of the relinquished property to the Qualified Intermediary, and the receipt of the replacement property from the Qualified Intermediary is considered an exchange. To be compliant with IRC Section 1031, the transaction must be properly structured, rather than being a sale to one party followed by a purchase from another party. Exchange Manager ProSM, streamlines the 1031 exchange process through embedded controls, automated notifications, custom exchange agreement and document creation, and digital execution via electronic signatures, making it simple and efficient.
“Being part of Millennium Trust allows Accruit to exponentially expand our footprint and provide exceptional service to more people looking to maximize their financial wellbeing,” said Steven Holtkamp, Managing Director, and CFO of Accruit.
About Accruit Holdings
Accruit Holdings boasts over 20 years in the 1031 exchange industry. Through our leading independent, national Qualified A person acting to facilitate an exchange under section 1031 and the regulations. This person may not be the taxpayer or a disqualified person. Section 1.1031(k)-1(g)(4)(iii) requires that, for an intermediary to be a qualified intermediary, the intermediary must enter into a written "exchange" agreement with the taxpayer and, as required by the exchange agreement, acquire the relinquished property from the taxpayer, transfer the relinquished property, acquire the replacement property, and transfer the replacement property to the taxpayer. Intermediary , we provide 1031 exchange services across the U.S. and specialize in all types of exchanges from forward, reverse, and build-to-suit/improvement, to specialty "non-safe harbor" reverse exchanges. We revolutionize the industry through our patented 1031 exchange workflow software by offering both SaaS and back-office solutions to the real estate marketplace.
About Millennium Trust Company
Millennium Trust Company solves important business challenges through innovative financial wellness solutions that help people plan, save and invest. With clients holding more than $55 billion in assets under custody, we are committed to using our decades of expertise and strong partnership with the financial community to empower employers, advisors and institutions to help people achieve short-term and long-term financial security. Learn more about Millennium Trust.