Vebnet is set to become part of Standard Life in a £24 million deal.
Standard Life has agreed to offer 260p per share for Vebnet and will buy the its entire share capital, which is valued at around £24.2 million. Vebnet directors have unanimously recommended the offer to shareholders, who will vote on the deal during the next 28 days.
Vebnet will continue to offer flexible benefits technology under its own brand but will also support the development of Standard Life’s offerings to the corporate marketplace.
Gerry O’Neill, chief executive of Vebnet, said: “The Vebnet directors believe the acquisition by Standard Life will create exciting opportunities for both customers and staff as the business continues to thrive within a larger organisation, enabling Vebnet to grow faster than it would be able to as an independent company.”
Sandy Crombie, group chief executive of Standard Life, added:”I’m delighted Vebnet is to become part of the Standard Life Group. This is a rapidly-evolving market and an increasingly important part of our business. There is a strong strategic fit between our businesses and this will give Standard Life the opportunity to work with the Vebnet team and create additional value for shareholders.”