Reward and benefits platform Benefex has acquired Vebnet from Standard Life, part of Phoenix Group, as the provider focuses on growth.
Under a separate strategic partnership deal, flexible benefit services currently provided by Standard Life will transfer to the Benefex platform.
Benefex will take responsibility for 31 corporate customers, which will add around 140,000 employee users to its platform.
Employers that are being transferred will be offered access to OneHub, which provides Benefex’s services for a larger geographic footprint.
Benefex EVP Adam Mason said: “This acquisition demonstrates our focus on growth, both organic and, in this case, through the purchase of Vebnet and its exciting 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 who 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.”
“This news confirms that Benefex is the go-to platform for organisations who see the potential of our technology to improve the experience of employer and employees alike.”
Gail Izat, managing director of workplace and retail intermediary at Standard Life, said: “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. Reassuringly for our clients, the great service and expert insight they have received from our flexible benefits team will continue with the same people working on their behalf at Benefex.”
