NIB acquires Victorian NDIS plan manager BudgetNet

The news: Health Insurer NIB Holdings has acquired Victoria-based National Disability Insurance Scheme (NDIS) plan manager BudgetNet.

The numbers: NIB did not disclose how much it paid for BudgetNet but said it was the sixth plan manager to join unit NIB Thrive’s network since the health insurer raised $158.1 million in 2022 to enter the NDIS sector.

The context: NIB said following its latest acquisition, it now supports more than 37,000 participants in managing their NDIS funds, processing claims and paying invoices. It has a target of supporting 50,000 participants by FY25, as part of its push into the rapidly growing NDIS sector that has also attracted interest from private equity players.