Benefits Administration Company PlanSource Acquires Instant Benefits Network : Acquisition Designates PlanSource as Only U.S.-Based Company to Manage a Broker's Entire Book of Business with a Single Solution

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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 (IBN), 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 U.S. that can effectively manage a broker’s entire book of business with a single solution.

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No one understands small group benefits like IBN

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 medium-sized 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."

About PlanSource

PlanSource has redefined the way benefits and HR professionals select, implement and manage employee benefit programs for small and medium-sized businesses. The company is unique in the marketplace in that it offers a platform capable of delivering an unprecedented level of self-service functionality in the areas of insurance procurement, customer onboarding and ongoing administration. This technology is simple and intuitive enough to enable employers, brokers and others to get through the implementation process without the customization and configuration requirements that have been the primary impediment to broad adoption within this market. PlanSource is headquartered in Boulder, Colo. and has an office in Salt Lake City, Utah.

About Instant Benefits Network

Instant Benefits Network is a leading provider of Web-based products designed to meet the technology needs of the benefits broker. IBN provides small group enrollment and underwriting tools, along with broker and human resource Web sites. IBN is headquartered in Spokane, Wash.

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Suzanne Beranek
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