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ClearBenefits Buys BISNet

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A retirement services firm is continuing to sell operations that are unrelated to the 401(k) plan administration business.

BenefitStreet Inc., San Ramon, Calif., says it has sold the operations of BISNet., a health and welfare benefits technology subsidiary, to ClearBenefits Inc., Santa Clara, Calif., a Web-based benefits administration firm.

BenefitStreet and ClearBenefits are not saying how much ClearBenefits paid for BISNet, but the companies say ClearBenefits will be hiring Bill Wheeler, who has been vice president of sales and marketing at BISNet.

BenefitStreet is trying to focus more on selling defined contribution plan recordkeeping services and to divest itself of operations unrelated to that goal, the company says.