Larry Berran Appointed as CEO
EXTON, PA (August
8, 2019) – iPipeline®, a leading provider of cloud-based software solutions for
the life insurance and financial services industry today announced that it will
be acquired by Roper Technologies, Inc, a diversified technology company and a
constituent of the S&P 500, Fortune 1000, and the Russell 1000 indices. The
acquisition is expected to close in the third quarter, subject to regulatory
approval and customary closing conditions. iPipeline also announced the
appointment of Larry Berran as CEO.
Roper has a
successful history of acquiring well-run technology companies in niche markets
that have strong, sustainable growth potential. iPipeline’s track record of
profitable growth and leading position within its core markets make it an
excellent fit for Roper’s long-term strategy.
“Roper’s
acquisition of iPipeline is a great opportunity for our customers, employees,
and partners,” said Larry Berran CEO of iPipeline. “Roper provides iPipeline
with a long-term foundation to further develop the life insurance and financial
services industry’s leading platform and execute on our core purpose of helping
our customers secure the financial futures of families. Insurance
products provide people protection when they need it most, and we are committed
to providing leading digital technologies to expand the market. Roper’s
commitment to sustained investment in our business model, products, services,
and employees means we will continue to deliver these solutions and domain
expertise that have driven significant value for our customers for 25 years.”
As part of the
transition, Tim Wallace announced his move into a strategic advisor role.
“Roper’s acquisition of iPipeline is a great outcome for our organization and
the entire iPipeline ecosystem. I look forward to supporting Larry
Berran, my business partner for the last 11 years and a driving force at
iPipeline for 17 years, as he assumes this important role.”
“We are excited to
add another industry-leading, cloud software business to our family,” said Neil
Hunn, Roper’s President and CEO. “The iPipeline transaction demonstrates our
disciplined capital deployment strategy, which results in the acquisition of
high-quality businesses.”
iPipeline will
continue to manage the business from its Exton, Pennsylvania headquarters.
iPipeline’s name and brands are not expected to change as a result of the
transaction.
iPipeline is
currently an investment of Thoma Bravo, a leading private equity firm.
Credit Suisse served as exclusive financial advisor to iPipeline, and Kirkland
& Ellis LLP and Lauletta Birnbaum LLP served as legal advisors to iPipeline
and Thoma Bravo.
About Roper
Technologies
Roper Technologies
is a constituent of the S&P 500, Fortune 1000, and the Russell 1000 indices.
Roper operates businesses that design and develop software (both license and
software-as-a-service) and engineered products and solutions for a variety of
niche end markets. Additional information about Roper is available on the
Company’s website at www.ropertech.com.
About iPipeline
iPipeline is a
leading provider of cloud-based software solutions for the life insurance and
financial services industry. Through our SSG Digital, end-to-end platform, we
accelerate and simplify sales, compliance, operations and support. We provide
process automation and seamless integration between every participant in our
ecosystem including carriers, agents, general agencies, advisors,
broker-dealers, RIAs, banks, securities/mutual fund firms, and their consumers
on a global basis. Our innovative solutions include pre-sales support, new
business and underwriting, policy administration, point-of-sale execution of
applications, post-sale support, data analysis, reporting, user-driven
configuration, consumer delivery and self-service, and agency and firm
management.
iPipeline’s
platform is used by approximately 150 carriers, 1,350 distributors and
financial institutions, and their agents and licensed advisors in a cloud-based
environment. With headquarters in Exton, Pennsylvania, iPipeline has locations
in Bromley (UK), Burlington (Canada), Cheltenham (UK), Dallas, Fort Lauderdale,
Huntersville, Ontario (CA), Philadelphia, Pleasanton, and Salt Lake City.
Visit www.ipipeline.com.
For More
Information:
Roper Technologies Investor Relations Contact:
investor-relations@ropertech.com
941-556-2601
Roper Technologies Investor Relations Contact:
investor-relations@ropertech.com
941-556-2601
iPipeline Customer
and Media Contact:
Jessica Brown, Marketing
Jessica.Brown@iPipeline.com
484-870-6133
Jessica Brown, Marketing
Jessica.Brown@iPipeline.com
484-870-6133
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