Private equity investment firm Thoma Bravo LLC has acquired iPipeline, a provider of cloud-based software that drives straight-through processing for the insurance and financial services industry. Financial details were not disclosed.
iPipeline offers process automation and integration between life insurance carriers, agents, distributors and consumers, Thoma Bravo said. The technology is intended to enable automated processing for pre-sales, point-of-sale execution of applications, post-sale support, reporting, consumer delivery and agency management.
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“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.”
iPipeline offers was founded in 1995 and is based in Exton, Penn. Thoma Bravo will acquire its iPipeline shares 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 financed the transaction. Credit Suisse served as financial advisor and Pepper Hamilton LLP and Lauletta Birnbaum LLC served as legal advisors to iPipeline.
“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.”
