Greenwood Village, Colo.-based Empower Retirement announced today it will acquire Redwood Shores, Calif-based Personal Capital for up to $1 billion in enterprise value.

The acquisition brings together Empower’s retirement plan services and financial tools with Personal Capital’s digital budgeting and personal wealth management platform.

“Empower and Personal Capital are joining forces to take the next step forward in the evolution of an integrated platform to deliver personalized advice, financial wellness and comprehensive financial planning to millions of individual investors and retirement plan participants,” said Edmund F. Murphy III, president and CEO of Empower, in released comments. “The acquisition of Personal Capital and the integration of their tools and capabilities into the Empower offering is designed to create a best-of-breed platform—powered by digital and human advice—to help individuals achieve their financial goals.”

As a result of the deal, retirement plan participants and individual investors will be able to access the technology, tools and advice necessary to see a complete view of their financial lives, according to the announcement.

Empower claims it is the country’s second-largest retirement plan services provider, administering $656 billion in assets on behalf of 9.7 million workers through about 40,000 workplace savings plans. Personal Capital, on the other hand, has over 2.5 million people using its platform to track over $771 billion in household assets.

The transaction is expected to close in the second half of 2020, subject to regulatory approval. At that time, Personal Capital will be rebranded as “Personal Capital, an Empower Company,” with CEO Jay Shah staying on as president  of Personal Capital, reporting to Murphy, Empower’s president and CEO.

“In Empower, we have found a purpose-oriented partner that shares our values and drive to deliver better client outcomes and customer-focused innovation,” said Shah in a prepared statement. “When we founded Personal Capital over a decade ago, we set out to redefine the financial services landscape by always putting our customers first. By pairing consumer technology and human advice, we provide data-driven personalized financial solutions and help our clients find financial confidence at scale. With Empower, we are joining forces with a philosophically aligned partner to accelerate our original vision and mission.”