CHESCO TECH FIRM IPIPELINE GOES FOR $1.6B
i2n Congratulates i2n board member and iPipeline longtime CEO Tim Wallace. The acquisition of the 24-year old company is among the largest in the region’s history for a tech company.
In what is likely the area’s biggest tech story of the year so far in 2019, homegrown Chester County startup iPipeline, founded in 1995, was acquired by Florida-based Roper Technologies. The $1.62B purchase price puts the deal among the largest in Philadelphia tech history.
iPipeline CEO Tim Wallace has led the company since 2008 and been a stalwart supporter of the region’s innovation ecosystem, both as an i2n board member and mentor to other tech entrepreneurs.
iPipeline provides cloud-based software solutions for the life insurance and financial services industry. Its services are used by more than 1,300 financial institutions, 150 insurance carriers, and nearly half a million agents. A spokesperson for Roper noted that the deal will help create revenues of up to $200 million and free cash flow of $70 million in 2020. Roper also stated that iPipeline’s skilled management team, solid customer base and customer retention record were critical factors in the deal.
“iPipeline is a terrific company with clear niche market leadership, a history of strong organic growth, high customer retention, and a management team that will thrive as part of Roper. We look forward to supporting iPipeline as they execute on numerous future growth opportunities while expanding the benefits enjoyed by their large and growing network of carriers, distributors, and agents,” the company said in a statement.
iPipeline employs hundreds across the region. It is reported that iPipeline name and brand are not expected to change, and business will continue to be managed from its headquarters in Exton.
Click here to read more about the acquisition.