iPipeline, an Exton, Pa.-based provider of on-demand sales distribution software for insurers and financial services firms, has acquired COSS Development Corp., a provider of Web-based illustration systems and fill-able forms technology. No financial terms were disclosed. iPipeline recently raised $18 million in Series A funding from NewSpring Capital, Fidelity Ventures and company management.
iPipeline, the leader in on-demand sales distribution software for insurers and financial services firms, today announced it has acquired COSS Development Corporation, a leading provider of mission-critical web-enabled illustration systems and fill-able forms technology. The acquisition enables iPipeline to create a first-of-its-kind ecosystem for carriers, distributors and agents, allowing all to better serve their customers and increase sales in an expedited, streamlined manner. iPipeline also announced the appointment of Timothy Wallace, a 28-year veteran of the technology industry, to President and Chief Executive Officer.
iPipeline and COSS have been business partners since 2004 and serve over 100 insurance carriers and 700 brokerage general agencies, banks and broker-dealers. As a result of the acquisition, iPipeline will provide an end-to-end offering for point of sale applications. Specifically, brokers will be able to use a Web-based system that allows them to present their clients with comparisons and illustrations for insurance products, access the most up to date forms and complete them online. This integrated offering enables all stakeholders to achieve straight through processing in one easy-to-use system.
“iPipeline is at an inflection point in its growth cycle and is proud to have attracted the caliber of Timothy Wallace to take the Company to the next level. Tim is a proven technology executive with a strong focus on customer needs and has established an impressive track record of starting companies, growing them and taking them public,” said Mike DiPiano, managing general partner at NewSpring Capital, who has been named chairman of the board of iPipeline.
“The combination of iPipeline’s market penetration and content coupled with COSS’s technology create a very unique firm that will dramatically increase its product and service innovations for brokers,” Wallace said. “I am looking forward to working with the current management and leverage each organization’s core competencies to enhance our offerings and grow market share. We are in a great position to leverage the assets of the combined business and deliver a holistic solution to our customers.”
Tim succeeds Larry Berran as Chief Executive Officer. Berran, who has been with iPipeline since 2002, has been appointed chief operating officer and chief financial officer. “This merger provides us with many new opportunities to simplify distributed technologies for the financial services industry,” Berran said. “I am excited to work with Tim to realize the value that the combination of iPipeline and COSS can create for our customers. His experience in building businesses is vital as we continue to grow the leading platform in the life insurance industry.” iPipeline also appointed Dan Borth, who previously was with COSS, vice president and general manager.
While financial terms of the transaction were not disclosed, iPipeline financed this acquisition with funding raised recently in a Series A investment co-led by Fidelity Ventures and NewSpring Capital.
Prior to iPipeline, Wallace served as Interim President and Chief Operating Officer of MEDecision, Inc. Wallace’s previous experience includes Chairman and CEO of Full Tilt Solutions, Inc., CEO of Xerox Connect and President of XLConnect, a company Wallace founded and helped take public in 1996. Wallace was a finalist in for Ernst & Young’s 2001 Entrepreneur of the Year Award and twice has been part of teams that built Inc 500 fastest growing companies. Wallace received a Bachelor of Science degree in business administration from Indiana University of Pennsylvania and a MBA from Miami University of Ohio.
COSS is a leading technology company serving the financial services industry with point-of-sale solutions. Founded in 1987, COSS offers a complete suite of web and desktop solutions to simplify life and annuity sales. Their flagship product, COSSEnterprise(TM), provides seamless integration of Needs Analysis, Illustrations, Advanced Marketing, and Electronic Forms into one user friendly interface.
iPipeline provides the leading suite of sales distribution software to the insurance and financial services markets delivered as an on-demand service. This platform includes the most comprehensive forms and content enabling the industry to market, sell and process insurance faster. iPipeline provides agents everything they need to make a sale by aggregating over 100 insurance companies in a single, Web-based network. This simple, intuitive system integrates directly into over 700 Web sites of the industry’s largest banks, broker-dealers and insurance distributors on a subscription based model. iPipeline’s integrated approach enables insurance companies to access sales distribution, eliminates point of sale mistakes and streamlines the issuing of insurance policies.
iPipeline has offices in Pennsylvania, Georgia, North Carolina and Wisconsin. For more information, visit: http://www.ipipeline.com.