NewSpring Capital Successfully Exits iPipeline
August 05, 2015
Radnor, PA - August 5, 2015 - NewSpring Capital ("NewSpring") is pleased to announce that it has successfully exited Internet Pipeline, Inc. ("iPipeline"), a portfolio company of its dedicated growth and expansion stage fund, NewSpring Growth Capital. The exit was a result of the sale of the Company to Thoma Bravo, a leading private equity investment firm.
Since NewSpring's initial investment in 2008, iPipeline has expanded its sales and marketing effort to develop additional point-of-sale capabilities. The Company has also grown its geographic footprint significantly, now with offices throughout the United States, Canada, Japan and Europe. Today iPipeline has more than 400 employees worldwide and is a leader in the information technology and services industry in providing web-based software tools for the insurance and financial services markets on a global scale.
"We are delighted to have had the opportunity to work with Mike DiPiano and the NewSpring team. With their support, we have been able to consistently execute upon our goals to become an industry leader and to provide our customers with a commitment to excellence," said Tim Wallace, CEO of iPipeline. "We are eager for the prospect to further accelerate growth for our Company in this next exciting step for us."
"As Chair of this Company over the past seven years, I have had the pleasure of working with Tim Wallace, Larry Berran and the remainder of this talented team as they continually surpassed their goals and built the Company. iPipeline has expanded not only their product offerings but also their reach to become the dominant industry leader," said Mike DiPiano, NewSpring General Partner and Chairman of the Board of iPipeline. "Tim and his team did an excellent job of managing a diverse customer and employee base while continuing to grow. Their dedication and strategic direction led to an outstanding outcome for our investors and we are pleased to have worked with the iPipeline team."
iPipeline is a leading provider of cloud-based software solutions for the life insurance industry. Through its SaaS solutions, it accelerates and simplifies insurance sales, compliance, operations and support. The Company provides process automation and seamless integration between every participant in the life insurance industry including carriers, agents (such as financial advisors and independent insurance agents), distributors (such as banks, broker-dealers and general agencies) and consumers. Its innovative solutions enable automated processing for pre-sales, point-of-sale execution of applications, post-sale support, reporting, consumer delivery and agency management.
iPipeline provides the process automation and seamless integration needed on a global basis to make an insurance sale by aggregating more than 120 carriers, 875 distributors and financial institutions, and their producers and licensed advisors in a cloud-based environment. With headquarters in Exton, Pennsylvania, iPipeline has locations in Cheltenham (UK), Fort Lauderdale, Horsholm (DK), Huntersville, Philadelphia, Salt Lake City, Tokyo, and Vancouver. For more information, please visit www.ipipeline.com.