Wealthcare Capital Management today announced that it will be acquired by Pennsylvania private equity firm NewSpring Holdings LLC. Details of the acquisition are yet to be disclosed. 

Wealthcare Capital is a goals-based wealth management technology and advisory services company based in Richmond, Virginia. Its technology licensing business serves the clients of over 30,000 advisors affiliated with various independent financial services and Fortune 500 companies, the company said in a statement.  

As a result of the deal, Wealthcare Capital will retain its team except for founder and chief executive officer David Loeper, who announced his retirement. Loeper will be replaced by former Smith Barney's Consulting Group President  Len Reinhart, Wealthcare Capital said.

NewSprings Holdings is a private equity company targeting profitable and growing companies in the software, tech-enabled services and niche manufacturing sectors. It is part of NewSprings Capital, which has over USD950 million assets under management, the statement said. 

The acquisition is expected to close by the end of the year.