iPipeline Announces Investment by Technology Crossover Ventures
January 19, 2012
iPipeline®, the leader in on-demand marketing, selling and processing solutions for the nation's top insurance carriers, distributors and producers, today announced that Technology Crossover Ventures (TCV) of Palo Alto, California, a leading provider of growth capital to technology companies, has made a significant investment in the company. TCV General Partner Robert Trudeau will join iPipeline's Board of Directors.
"iPipeline is pleased to have TCV as an investor. The firm has an impressive record of investing in industry-leading companies in the software and technology sectors including: ExactTarget, Expedia, Facebook, FX Alliance, Green Dot, Groupon, MarketAxess, Netflix, OSIsoft, and RiskMetrics. Our goal is to assume a similar leadership position for the international insurance industry," said Tim Wallace, CEO, iPipeline. "Our ability to aggressively invest in customer support, product development, and the expansion of our sales and marketing resources will enable us to better support the needs and success of our customers. The acquisition of companies in the US and abroad and organic growth remain key components of our growth strategy."
iPipeline's on-demand platform is accessed by a customer network of 120 carriers, 1,200 distributors, and 400,000 financial professionals and advisors. Platform solutions include: CRM, Forms, Quotes & Illustrations, iGO™ e-App, Agent Management, e-Policy Delivery, and Policy Holder Services. iPipeline is the Winner of Ernst & Young's 2011 Entrepreneur of the Year Award for Greater Philadelphia and is Celent's 2011 Leading Vendor in the Life Category of the Software Deal Trends Report with 57% of the Deal Volume.
"iPipeline's innovation in delivering on-demand solutions has established the company as a market leader in the insurance technology industry," said TCV General Partner Robert Trudeau. "We look forward to working with the iPipeline management team to help the company continue its impressive growth in North America and expand into new markets around the world."
TCV joins NewSpring Capital and Volition Capital as lead investors in iPipeline and as members of its' Board of Directors.
Technology Crossover Ventures (TCV), founded in 1995, is a leading provider of growth capital to technology companies, providing funds to later-stage private and public companies. With $7.7 billion in capital under management, TCV has invested in over 150 technology companies leading to 50 initial public offerings and more than 40 strategic sales or mergers. Representative investments include Altiris, C|NET, eHarmony, Expedia, Facebook, Fandango, Groupon, HomeAway, Netflix, RealNetworks, Redback Networks, RiskMetrics Group, Solect Technology, TechTarget, and Zillow. TCV has 11 partners and is headquartered in Palo Alto, CA with offices in New York, NY.
To read the full press release at iPipeline, click here.