Health insurance provider nib has acquired BudgetNet, a National Disability Insurance Scheme plan manager, through an asset sale agreement.

BudgetNet becomes the sixth plan manager to join the nib Thrive portfolio within a year.

The acquisition marks a significant growth since nib entered the NDIS sector with a $158.1 million equity raise in 2022.

Martin Adlington, nib Thrive's CEO, said the company now supports over 37,000 participants and is on track to meet its goal of 50,000 by 2025.