Global reward and benefits platform Benefex has acquired Vebnet from Standard Life, part of the Phoenix Group, for an undisclosed amount.
Under the terms of the transaction, Standard Life and Benefex will enter into a strategic partnership. The flexible benefits services currently provided to employers by Standard Life will transfer to the Benefex employee benefits platform.
In total, 31 corporate customers, and more than 140,000 employees, will transfer across to Benefex. Standard Life’s clients will also be able to enhance their employee benefits technology through the product offering on OneHub and an expanded geographic footprint of Benefex’s services.
Adam Mason, executive vice president of Benefex, said: “This acquisition demonstrates our focus on growth, both organic and, in this case, through the purchase of Vebnet and its customer community of large global brands. We look forward to enabling these customers to use Benefex technology to power exceptional experiences for their employees, in the UK and globally. The agreement will also see the talented team that have worked on these customers join the Benefex family.
“Alongside the acquisition, 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.”
Gail Izat, managing director of workplace and retail intermediary at Standard Life, added: “Employee flexible benefits 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.
“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 benefits needs. Reassuringly for our clients, the great service and expert insight they have received from our flexible benefits team will continue.”
