Exton, Pa. — iPipeline Inc., an Exton, Pa.-based provider of on-demand sales distribution software for insurers and financial services firms, has acquired COSS Development Corp., a Milwaukee-based provider of mission-critical, Web-enabled illustration systems and fillable forms technology. The acquisition enables iPipeline to create an ecosystem for carriers, distributors and agents, enabling all to better serve their customers and increase sales in an expedited, streamlined manner, according to iPipeline. iPipeline also announced the appointment of Timothy Wallace, a 28-year veteran of the technology industry, to president and CEO.
iPipeline and COSS have been business partners since 2004 and serve more than 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 enables them to present their clients with comparisons and illustrations for insurance products, access the most up-to-date forms and complete them online, says iPipeline. This integrated offering is designed to enable all stakeholders to achieve straight-through processing in one easy-to-use system.
“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 says. “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.”
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.
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