Thoma Bravo has agreed to sell iPipeline, a provider of cloud-based software solutions for the life insurance and financial services industry, to Roper Technologies. The purchase price is $1.625 billion. The deal is expected to close in the third quarter. In addition to the transaction, Larry Berran, chief financial officer and chief operating officer of iPipeline, will be named CEO.
SAN FRANCISCO, Aug. 8, 2019 /PRNewswire/ — Thoma Bravo, LLC, a leading private equity investment firm, announced today it has entered into a definitive agreement to sell iPipeline, a leading provider of cloud-based software solutions for the life insurance and financial services industry, to Roper Technologies. The company is being acquired for $1.625 billion, and the transaction is expected to close in the third quarter subject to regulatory approval and customary closing conditions. Concurrent with the transaction, Larry Berran, iPipeline’s CFO & COO, will be appointed CEO of the company.
The planned exit will culminate a highly successful four-year partnership between Thoma Bravo and iPipeline, the result of which is a significant increase in the company’s valuation. Since its acquisition in 2015, Thoma Bravo has worked with iPipeline’s management to drive organic growth in its core markets and transform the company’s product offerings through five highly strategic acquisitions. Today, iPipeline is the market leader in cloud-based software that powers the entire life insurance and annuity process from application to administration.
“We are very proud of what we have accomplished working in partnership with Tim Wallace, Larry Berran and the iPipeline management team,” said Holden Spaht, a Managing Partner at Thoma Bravo. “Our investment in iPipeline is another great case study for Thoma Bravo. We partnered with an outstanding management team to acquire a vertical market software leader, improved the business by leveraging Thoma Bravo’s deep operational capabilities and accelerated growth both organically and through M&A resulting in a doubling of the company’s top line and even faster earnings growth.”
“We are grateful to Thoma Bravo’s leadership team and the operational expertise they implemented to help invest in and grow the company,” said Tim Wallace, CEO of iPipeline. “Through our partnership with Thoma Bravo, we increased the employee headcount at iPipeline by 60%, made significant investment in our product suite and substantially improved the level of service we are able to provide to our customers. I am very proud of the culture we have built at iPipeline, and this transaction is a reflection of the hard work and dedication of all of our employees across the globe.”
“iPipeline is a special company, and we could not ask for a better home for its next phase of growth than with Roper’s ownership,” said Brian Jaffee, a Principal at Thoma Bravo. “We are thrilled to see Larry transition to the CEO role and know he will continue the company’s strong momentum for many years to come.”
Credit Suisse is serving as exclusive financial advisor to iPipeline and Kirkland & Ellis LLP and Lauletta Birnbaum LLP are serving as legal advisor to iPipeline and Thoma Bravo.
About Thoma Bravo, LLC
Thoma Bravo is a leading private equity firm focused on the software and technology-enabled services sectors. With a series of funds representing more than $30 billion in capital commitments, Thoma Bravo partners with a company’s management team to implement operating best practices, invest in growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings, with the goal of increasing the value of the business. Representative past and present portfolio companies include industry leaders such as ABC Financial, Apttus, Blue Coat Systems, Deltek, Digital Insight, Ellie Mae, Frontline Education, Global Healthcare Exchange, Hyland Software, Imprivata, PowerPlan, Qlik, Riverbed, SailPoint, SolarWinds, SonicWall, Sparta Systems, TravelClick and Veracode. The firm has offices in San Francisco and Chicago. For more information, visit www.thomabravo.com.
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.