Benefex has bought Vebnet from Standard Life and will take over provision of flexible benefit services to 31 employers.
The firms have not disclosed the cost of the acquisition but announced the deal and strategic partnership with flexible benefit services currently provided by Standard Life transferring to the Benefex platform.
Upon completion, 31 corporate customers will transfer to Benefex resulting in more than 140,000 employees being added to its platform.
The Standard Life flexible benefits team will also be transferring to Benefex to continue working with these customers.
The firm said those transferring clients will also have the option to expand their employee benefits technology through the wider product offering and an expanded geographic footprint.
This is the second transaction for Benefex this autumn following the purchase of Benify by parent company Zellis Group ahead of a merger.
Benefex executive vice president 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.”
Standard Life managing director of workplace and retail intermediary Gail Izat noted that employee flexible benefit solutions are increasingly a key differentiator in the workplace market.
As a result “significant ongoing investment and resources [are] required to meet the expectations of employers and members”.
She added that “having undertaken a comprehensive review of the market” the firm believed the sale to Benefex was the best approach.