RolloverSystems, the company launched by former LendingTree executive Reginald Bowser to give companies and employees more options in 401(k) retirement plans, has a major new investor and chairman of the board.
He is Robert Johnson, founder of the Black Entertainment Network and majority owner of the NBA Charlotte Bobcats. He also runs the Charlotte Sting in the WNBA.
Johnson led a new round of investment in RolloverSystems that the company described as “totaling several million dollars”.
Johnson is now the largest investor in RolloverSystems, the company said.
“RolloverSystems has a transformative opportunity, and that is very appealing,” said Johnson. “I believe this is the right solution delivered at the right time, and I believe in the RolloverSystems team and the opportunity to invest in a minority-owned company.”
RolloverSystems has established partnerships with several major high-profile firms to offer employees choices in rolling over their 401 (k) retirement plans.
“Mr. Johnson’s investment and the addition of his experience, and his leadership role as chairman of our board, represent a vital moment of validation for our company and our strategy,” Bowser said in a statement.
Other investors in RolloverSystems include W. James Tozer Jr., a former president of Prudential-Bache, and Richard Field, a former senior executive vice president of Bank of New York. Both men were original investors in LendingTree and served on the firm’s board.