Thoma Bravo has acquired Exton, Pennsylvania-based iPipeline, a tech provider of cloud-based software solutions for the life insurance sector. The sellers were NewSpring Capital, Technology Crossover Ventures and Volition Capital. No financial terms were disclosed. Golub Capital and Ares Capital Corp provided funding for the deal. Credit Suisse was the lead financial advisor to iPipeline on the transaction while Bank of America Merrill Lynch and William Blair served as co-advisors.
SAN FRANCISCO–(BUSINESS WIRE)–Thoma Bravo, LLC, a leading private equity investment firm, announced today the acquisition of iPipeline, a leading technology provider of cloud-based software solutions to the life insurance industry. Financial details were not disclosed.
“iPipeline typifies what we look for in an investment opportunity,” said Holden Spaht, a managing partner at Thoma Bravo. “The Company is a market leader with a mission critical product offering and has a strong secular growth opportunity from the continued migration of life insurance applications from print to digital.”
Founded in 1995, iPipeline is based in Exton, Penn., and is a technology provider of SaaS solutions that drive straight-through processing for the insurance and financial services industry. With more than 400 employees worldwide, iPipeline leads the information technology and services industry in providing web-based software tools for the insurance and financial services markets on a global scale.
“We’re pleased to be joining Thoma Bravo, which has a track record of picking exceptional high-growth vertical market technology companies,” said Tim Wallace, chief executive officer of iPipeline. “We expect our relationship with Thoma Bravo will help fuel organic growth and pursue complementary acquisitions that increase our value to the insurance industry as a whole. Thoma Bravo’s experience with high-growth companies will not only help us achieve these goals, but also aid us in our mission to continuously improve customer satisfaction levels.”
“Both carriers and distributors of insurance and annuity products alike are seeking to streamline their customer onboarding workflows, and make the process of purchasing these products easier and more intuitive for the end consumer,” said A.J. Rohde, a principal at Thoma Bravo. “iPipeline is at the forefront of this movement, and we’re excited to be able to invest in a business with such an excellent market opportunity.”
Thoma Bravo will be acquiring its interest in iPipeline from three venture capital firms: NewSpring Capital, Technology Crossover Ventures and Volition Capital.
Goodwin Procter LLP served as legal advisor to Thoma Bravo and Golub Capital and Ares Capital Corporation provided financing for the transaction. Credit Suisse served as lead financial advisor, Bank of America Merrill Lynch and William Blair as co-advisors, and Pepper Hamilton LLP and Lauletta Birnbaum LLC as legal advisors to iPipeline.
About Thoma Bravo, LLC
Thoma Bravo is a leading private equity investment firm building on a 30+ year history of providing equity and strategic support to experienced management teams and growing companies. The firm seeks to create value by collaborating with company management to improve business operations and provide capital to support growth initiatives. Thoma Bravo invests with a particular focus on application and infrastructure software and technology enabled services. The firm currently manages a series of private equity funds representing more than $8.5 billion of equity commitments.
iPipeline is a leading provider of cloud-based software solutions for the life insurance industry. Through its SaaS solutions, it accelerates and simplifies insurance sales, compliance, operations and support. The company provides process automation and seamless integration between every participant in the life insurance industry including carriers, agents (such as financial advisors and independent insurance agents), distributors (such as banks, broker-dealers and general agencies) and consumers. Its innovative solutions enable automated processing for pre-sales, point-of-sale execution of applications, post-sale support, reporting, consumer delivery and agency management.
iPipeline provides the process automation and seamless integration needed on a global basis to make an insurance sale by aggregating more than 120 carriers, 875 distributors and financial institutions, and their producers and licensed advisors in a cloud-based environment. With headquarters in Exton, Pennsylvania, iPipeline has locations in Cheltenham (UK), Fort Lauderdale, Horsholm (DK), Huntersville, Philadelphia, Salt Lake City, Tokyo, and Vancouver.