Benefex has acquired employee benefits business Vebnet from Standard Life for an undisclosed sum.
Under the terms of the transaction, Standard Life and Benefex will enter into a strategic partnership with flexible benefit services currently provided to employers by Standard Life transferring to the Benefex employee benefits platform.
As a result of this acquisition 31 corporate customers will transfer to Benefex resulting in more than 140,000 employees being added to its platform. Transferring clients from Standard Life will also have the option to enhance their employee benefits technology through the wider product offering on OneHub and an expanded geographic footprint of Benefex’s services.
The Vebent team will now join Benefex.
Standard Life managing director of workplace and retail intermediary Gail Izat says: “Employee flexible benefit solutions are increasingly a key differentiator in the workplace market with significant ongoing investment and resources required to meet the expectations of employers and members.
“Having undertaken a comprehensive review of the market we believe that our arrangement with Benefex and the creation of a strategic partnership, with a focus on the development of integrated solutions, will provide our clients with a best-in-class technology platform for their employees, and the capability to future proof their flexible benefit needs. “
Benefex EVP Adam Mason adds that this demonstrates the companies focus on growth, both organically and through strategic acquisitions.
Mason adds: “We look forward to enabling [Vebnet’s] customers to use Benefex technology to power exceptional experiences for their employees, in the UK and globally.
“Alongside this, we are thrilled to announce a strategic partnership with Standard Life. This partnership ensures that Standard Life customers using OneHub will also benefit from an enhanced set of integrations, that simplify processing and support employees with their Standard Life products and wider financial wellbeing”.