Roper Technologies, Inc. (NYSE: ROP), a diversified technology company, is to acquire iPipeline, an Exton, Pennsylvania-based provider of cloud-based software that delivers solutions for the life insurance and annuity industries, for $1.625 billion.
Thoma Bravo was the seller in the transaction, which is expected to close in the third quarter, subject to regulatory approval and customary closing conditions.
iPipeline is a provider of cloud-based software solutions for the life insurance and financial services industries. Through its SSG Digital, end-to-end platform, The company accelerates and simplifies sales, compliance, operations, and support. The company provides process automation and seamless integration between every participant in its ecosystem including carriers, agents, general agencies, advisors, broker-dealers, RIAs, banks, securities/mutual fund firms, and
consumers on a global basis. iPipeline’s 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.
The platform is used by approximately 150 insurance carriers, 1,350 distributors and financial institutions, and their agents and licensed advisors in a cloud-based environment. iPipeline also has locations in Bromley (UK), Burlington (Canada), Cheltenham (UK), Dallas, Fort Lauderdale, Huntersville (NC), Ontario (CA), Philadelphia, Pleasanton (CA), and Salt Lake City.
The iPipeline management team, led by newly appointed CEO Larry Berran, will continue to manage the business. Berran joined the company in 2002 and has served as Chief Operating Officer and Chief Financial Officer since 2008. iPipeline’s name and brands are not expected to change as a result of the transaction.
The company is expected to contribute approximately $200 million of revenue and $70 million of aftertax free cash flow in 2020, excluding the impact of fair value accounting for deferred revenue and financing costs.
Led by Neil Hunn, President and CEO, Roper operates businesses that design and develop software (both license and software-as-aservice) and engineered products and solutions for a variety of niche end markets. With annual revenues of $5.2 billion, the company is a component of the S&P 500, Fortune 1000 and Russell 1000 Indexes.