Standard Life has agreed to acquire the existing issued share capital of employee benefits software firm Vebnet Holdings for GBP24.2 million.
Standard Life has agreed an offer of 260 pence per share for Vebnet thus valuing the existing issued share capital of Vebnet at approximately GBP24.2 million.
According to Standard Life, this transaction is consistent with its strategy to accelerate the development of its corporate business through strengthening its customer base, opening up new routes to market and developing its existing product range.
Vebnet will continue to offer its proposition and services under its own brand as well as supporting the development of Standard Life’s enhanced offering in the corporate market place.
The directors of Vebnet believe that the acquisition by Standard Life will create exciting opportunities for both customers and staff as the business continues to thrive within a larger organization, enabling Vebnet to grow faster than it would be able to as an independent company.
Sandy Crombie, group CEO of Standard Life, said: The combination of Vebnet and Standard Life will provide significant opportunities in the corporate market. 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.