Stone Point Capital and GIC Pte agreed to buy a majority stake in retirement and savings account provider Ascensus Inc.

The investment firms are buying the company from backers including Genstar Capital, Aquiline Capital Partners and Atlas Merchant Capital, according to a statement Monday, confirming an earlier Bloomberg News report. Genstar and Aquiline are keeping a minority stake. Terms of the deal weren’t disclosed.

The deal is worth about $3 billion, according to people familiar with the matter, who asked to not be identified because the terms aren’t public. Ascensus had been considering an initial public offering but moved toward a sale after getting strong interest from potential buyers, one of the people said.

Investors have eagerly snapped up retirement-services providers in recent years, as they are ripe for technological innovation and poised to benefit from an aging population. The industry also has a lot of small players, creating an opportunity to grow through acquisitions.

“We are delighted to partner with Stone Point Capital and GIC, who share our confidence in the strategic importance and growth potential of the retirement, education, and health savings markets,” David Musto, president and chief executive officer of Ascensus, said in a statement. “Their commitment will only strengthen our ability to continue investing in new capabilities, technology, and solutions.”

Genstar and Aquiline agreed to acquire Dresher, Pennsylvania-based Ascensus from J.C. Flowers & Co. in a 2015 deal that people familiar with the matter said at the time was worth about $750 million.

Stone Point Capital, led by CEO Charles Davis and Chairman Stephen Friedman, is a private equity firm with offices in Greenwich, Connecticut, and New York that focuses on investments in the financial services industry, according to its website. GIC is Singapore’s sovereign wealth fund.

Barclays Plc and Goldman Sachs Group Inc. advised Ascensus on the deal while Stone Point was advised by JPMorgan Chase & Co.

This article was provided by Bloomberg News.