Private equity investment firm Thoma Bravo has announced its acquisition of iPipeline for an undisclosed sum.
Thoma Bravo will be acquiring its interest in iPipeline from three venture capital firms: NewSpring Capital, Technology Crossover Ventures and Volition Capital.
Holden Spaht, a managing partner at Thoma Bravo said: "[iPipeline] is a market leader with a mission critical product offering and has a strong secular growth opportunity from the continued migration of life insurance applications from print to digital."
Founded in 1995, iPipeline is based in Exton, Penn, with the UK office in Cheltenham, and is a technology provider of solutions that drive straight-through processing for the insurance and financial services industry. It has more than 400 employees worldwide.
Tim Wallace, chief executive officer of iPipeline said: "We expect our relationship with Thoma Bravo to help fuel organic growth and pursue complementary acquisitions that increase our value to the insurance industry as a whole.
"Thoma Bravo's experience with high-growth companies will not only help us achieve these goals, but also aid us in our mission to continuously improve customer satisfaction levels."
A.J. Rohde, a principal at Thoma Bravo added: "Both carriers and distributors of insurance and annuity products alike are seeking to streamline their customer onboarding workflows, and make the process of purchasing these products easier and more intuitive for the end consumer. iPipeline is at the forefront of this movement, and we're excited to be able to invest in a business with such an excellent market opportunity."
Goodwin Procter LLP served as legal advisor to Thoma Bravo and Golub Capital and Ares Capital Corporation provided financing for the transaction. Credit Suisse served as financial advisor and Pepper Hamilton LLP and Lauletta Birnbaum LLC as legal advisors to iPipeline.
When making a life, critical illness or IP claim
Despite no longer requesting medical evidence
Subject to certain criteria
Rising to 7.8% in people over 80
‘We could be failing people, when they need us most’