Goldman Sachs investment management division has agreed to acquire web and mobile-based retirement savings platform, Honest Dollar.

Based in Austin of Texas, Honest Dollar provides retirement solutions, who work for employees, self-employed individuals and independent contractors.

The acquisition allows Goldman Sachs to serve around 45 million Americans who do not have access to employer-sponsored retirement plans.

Honest Dollar allows employees of small and medium-sized businesses, self-employed individuals and independent contractors to start saving and investing for retirement by establishing individual retirement account (IRA)-based savings programs.

Honest Dollar CEO William Hurley said: "We set out with a singular focus: to revolutionize the retirement industry and reach individuals who historically have been underserved.

"We look forward to being part of Goldman Sachs as we drive innovation across this space together."

Subject to certain conditions, the deal is expected to complete in the second quarter of this year.

Goldman Sachs investment management division includes Goldman Sachs Asset Management (GSAM) and Private Wealth Management (PWM).

They offer asset management and wealth management solutions to world-class institutions and individual investors across the globe.