Chesco tech firm to be sold for $1.62B
IPipeline will continue to operate from Exton HQ
EXTON >> iPipeline, a Chester County-based company that provides cloud-based software solutions for the life insurance and financial services industry, will be acquired by Roper Technologies Inc. in an all-cash transaction valued at $1.62 billion.
The acquisition is expected to close in the third quarter, subject to regulatory approval and customary closing conditions.
Roper Technologies president and CEO Neil Hunn called iPipeline a “high-quality company” in Roper’s announcement Monday that it had reached a definitive agreement with Thoma Bravo LLC, the private equity investment firm that acquired iPipeline in 2015.
“iPipeline is a terrific company with clear niche market leadership, a history of strong organic growth, high customer retention, and a management team that will thrive as part of Roper. We look forward to supporting iPipeline as they execute on numerous future growth opportunities while
“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.” — Larry Berren, CEO, iPipeline
expanding the benefits enjoyed by their large and growing network of carriers, distributors, and agents,” Hunn said in a statement.
Simultaneous with the acquisition announcement, iPipeline announced that Larry Berran would assume the CEO position at iPipeline. Berran joined iPipeline in 2002, serving as CEO until 2008, when he was succeeded by Tim Wallace. Berran has served as chief operating officer and chief financial officer since 2008.
“Roper’s acquisition of iPipeline is a great opportunity for our customers, employees, and partners,” Berran said in a press release. “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.” He added that