Standard Life Buys VC-Backed Vebnet

Standard Life PLC has acquired Vebnet Ltd., a Scotland-based provider of virtual employee benefits services, for £24 million. Sellers include Cross Atlantic Capital Partners. 

 

PRESS RELEASE

Cross Atlantic Capital Partners today announced that it has exited its position in Edinburgh, Scotland software firm Vebnet Ltd as a result of an acquisition by Standard Life plc for $42 million (£24 million). Cross Atlantic will realize an additional $7.5 million from the sale, having previously sold a portion of its investment for $2.0 million.

 

Cross Atlantic made its initial investment in Vebnet more than seven years ago and has been closely involved throughout.

 

“We recognized early on that variety within employee benefit programs was growing increasingly popular. At the same time the management of these programs was causing serious headaches for employers,” said Don Caldwell, founder and Chief Executive Officer of Cross Atlantic Capital Partners. “We were attracted to Vebnet because it had a top quality management team that had an excellent model in place complemented by a very user-friendly system. We are delighted to be part of Vebnet’s well-earned success.”

 

“Cross Atlantic has been a pivotal partner in our growth from inception,” said Gerry O’Neill, Chief Executive Officer of Vebnet. “They have provided us with a great deal of strategic guidance and support to help us become a market leader.”

 

Vebnet has a well established position in the flexible benefits and online reward market in the UK and its client base closely matches that of the target market for Standard Life’s Employee Wealth Plan (EWP) growth strategy. Vebnet will continue to offer its proposition under its own brand as well as supporting the development of Standard Life’s enhanced offering in the corporate marketplace.

 

About Cross Atlantic Capital Partners

 

Cross Atlantic Capital Partners is an international venture capital firm focused on investing in innovative technology companies. Through its offices in Radnor, Pennsylvania, Dublin, Ireland and Edinburgh, Scotland, Cross Atlantic leverages its deep technology industry insights and business acumen to provide its portfolio companies and business partners with a distinct perspective. With four funds totaling over $500 million under management, Cross Atlantic is closely engaged with an extensive network of resources to nurture and grow its portfolio companies and provide superior returns to its investors. For more information, please visit www.xacp.com.