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PlanSource, a Web-based HR and benefits administration company serving the needs of brokers and benefits professionals, has acquired Instant Benefits Network, a leading provider of Web-based products and services designed to meet the technology needs of benefits brokers serving the small and medium-sized business market. As a result of the acquisition, PlanSource is now the only company in the US that can effectively manage a broker's entire book of business with a single solution.
The acquisition is expected to increase sales and revenue opportunities through an expanded product portfolio, a broader geographic presence and a large customer base of benefits brokers who continually seek innovative solutions to enhance their value proposition. This merger nearly doubles the company's broker network. The new partnership will deliver many benefits, including the complementary products IBN offers that round out a suite of services for brokers. For example, IBN's products are ideal for smaller groups, whereas the products offered by PlanSource are best suited for mediumsized groups.
PlanSource President Scott Carver applauds the acquisition, as it now positively impacts his company's offerings to brokers. "No one understands small group benefits like IBN," Carver said. "The exceptional products they offer help position PlanSource as the most advanced benefits administration solution for small and medium-sized businesses in the market today."
IBN CEO Steve Kutina, who founded the company eight years ago, believes this marriage will serve his clients well. "Joining forces with PlanSource allows us to progress from simply collecting medically underwritten information on small groups to managing the entire benefits procurement and administrative process. I'm not aware of another solution like this in the market today."