iPipeline Raises $15 Million

iPipeline, an Exton, Pa.-based provider of software to insurance carriers, has raised $15 million in financing for the purpose of making acquisitions. The financing was led by NewSpring Capital of Radnor, PA., and Fidelity Ventures of Boston.

Press release:

iPipeline™ today announced the completion of a $15 million financing round led by NewSpring Capital of Radnor, PA., and Fidelity Ventures of Boston. The funding will be used to fuel tuck-in acquisitions that further extend iPipeline’s value as the most comprehensive and integrated platform in the insurance industry today.

“The financing enables us to fulfill our vision of creating a solution that provides producers with a seamless and integrated experience on a single platform,” said Tim Wallace, CEO, iPipeline. “iPipeline maintains close communications with our carriers, distributors and producers, and we are committed to transforming their ideas into products that revolutionize the industry. Our acquisition strategy is to tuck in companies that support this initiative and elevate straight-through processing to a new level for the industry.”

“iPipeline has a terrific management team committed to streamlining an inefficient and complex value chain and continues to attract many of the nation’s leading carriers and distributors to its platform. The management team will continue to extend its SaaS offering to meet the evolving needs of its clients,” said Roger Hurwitz, Partner, Fidelity Ventures.

“iPipeline is building the industry’s most comprehensive end-to-end solution for both captive and independent agents within the insurance industry. The AgencyWorks acquisition positions iPipeline to better enable carriers, distributors and agents to reduce cycle time, accelerate business processes, and drive profitability,” commented Mike DiPiano, Managing Partner, NewSpring Capital.

On November 3rd, iPipeline announced the acquisition of Utah-based AgencyWorks™. AgencyWorks is the market leader providing agency management systems that maximize profitability for the brokerage industry with over 50 carriers and 350 distributors using the system to process in excess of 1 million insurance applications annually. To learn how you can implement iPipeline’s end-to-end solution to support the marketing, selling and processing of insurance, contact sales@ipipeline.com or call 1-800-758-0824, option 2.

About iPipeline

iPipeline leads its industry in providing the next-generation suite of sales distribution software as a “clean technology” to the insurance and financial services markets through its on-demand service. iPipeline’s channel solutions for carriers, distributors, and producers automate activities for quoting, forms processing, illustrations development, requirements ordering, contracting, and content distribution, enabling the insurance industry to market, sell, and process faster. iPipeline provides the process automation and seamless integration needed to make a sale by aggregating over 160 carriers, 1,200 distributors, and 600,000 agents in a single, Web-based environment — the iPipeline Network. Visit us at www.ipipeline.com.

About NewSpring Capital

NewSpring Capital, based in Radnor, Pennsylvania, and Short Hills, New Jersey, is a leading provider of private equity capital focused in the Mid-Atlantic region. NewSpring Capital currently has $500 million of assets under management. The family of funds consists of: (i) NewSpring Ventures, which provides equity capital to growth and expansion stage companies with a focus on business services, enabling technology and information technology, (ii) NewSpring Health Capital, which provides equity capital to healthcare companies within the life sciences, healthcare services and medical device sectors, and (iii) NewSpring Mezzanine Capital, which provides mezzanine capital for expansion stage and buyout opportunities in the business services, healthcare, information technology, and specialty manufacturing sectors. Visit www.newspringcapital.com.

About Fidelity Ventures

Fidelity Ventures invests in companies ready to enter the market and those poised for the next phase of growth. Its 40-year track record includes hundreds of successful investments in the consumer, communications, systems and software markets. Fidelity Ventures is distinguished by the ability to accelerate market adoption for its portfolio companies’ offerings, and by a global network of senior technology and business executives. Fidelity Ventures actively manages over $800 million from offices in Boston and London. For more information, visit www.fidelityventures.com.