nib has completed the acquisition of its first National Disability Insurance Scheme plan manager, Maple Plan, and announced the launch of nib Thrive as the brand of its NDIS business.
nib executive Martin Adlington has been appointed the chief executive of nib Thrive.
In October, nib announced the completion of a fully underwritten institutional placement, raising $135 million. A further $23.1 million was raised via a share purchase plan.
The company said that funds from both will be used to fund its acquisition ambitions for NDIS plan management.
“Three years ago, we began examining the NDIS and how we might play a meaningful part in it,” said nib managing director, Mark Fitzgibbon.
“We see an agency role for us in connecting NDIS participants with providers of support services, not unlike the way we connect the buyers and sellers of healthcare services.
“And clearly, there’s an opportunity to provide participants with more insight into how they might be able to achieve their goals, with greater confidence in their choice of support services,” he said.
Mr Adlington said the acquisition of Maple Plan has been smooth and the business provides a solid foundation for nib Thrive and further expansion into the NDIS, through acquisitions and organic growth.
“We’ve been very impressed with the calibre of Maple Plan’s employees and their focus and commitment to ensuring choice and control for NDIS participants in accessing services, ensuring greater independence and improved quality of life,” said Mr Adlington.
“We’re also pleased that Maple Plan’s founders, Andrian Putra and Vincent Lay, will stay with the business to advise on continued growth and future opportunities.”