World News: 12:30 GMT Thursday 8th August 2019. [Roper Technologies, Inc. via Globe Newswire via SPi World News]
SARASOTA, Fla., Aug. 08, 2019 (GLOBE NEWSWIRE) -- , a leading diversified technology company, today announced that it has reached a definitive agreement to acquire iPipeline in an all-cash transaction valued at $1.625 billion.
iPipeline’s cloud-based software delivers award-winning solutions for the life insurance and annuity industries. iPipeline’s suite of SaaS-based applications provides workflow automation and seamless integration across a broad network of approximately 150 carriers, 1,350 distributors, and over 500,000 agents. The iPipeline network enables day-to-day connectivity essential to the design, delivery, and fulfillment of life insurance. iPipeline solutions help the network to reduce costs by improving cycle times and digitally enabling paper-based processes, while accelerating customer revenue by bringing new life insurance products and features to market faster.
“The iPipeline transaction demonstrates our disciplined capital deployment strategy by acquiring another high-quality business that will help grow and compound our cash flow,” said Neil Hunn, Roper’s President and CEO. “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 iPipeline management team, led by newly appointed CEO Larry Berran, will continue to manage the business from its Exton, Pennsylvania headquarters. Larry joined iPipeline 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.
Roper anticipates funding the transaction using its revolving credit facility and cash on hand. iPipeline is expected to contribute approximately $200 million of revenue and $70 million of after-tax free cash flow in 2020, excluding the impact of fair value accounting for deferred revenue and financing costs. Roper expects the acquisition to be immediately cash accretive and deliver high single digit organic revenue growth.
The transaction is expected to close in the third quarter, subject to regulatory approval and customary closing conditions.
Roper Technologies is a constituent of the S&P 500, Fortune 1000, and the Russell 1000 indices. Roper operates businesses that design and develop software (both license and software-as-a-service) and engineered products and solutions for a variety of niche end markets. Additional information about Roper is available on the Company’s website at
iPipeline is a leading provider of cloud-based software solutions for the life insurance and financial services industries. Through its SSG Digital, end-to-end platform, iPipeline accelerates and simplifies sales, compliance, operations, and support. iPipeline 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.
iPipeline’s 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. With headquarters in Exton, Pennsylvania, iPipeline has locations in Bromley (UK), Burlington (Canada), Cheltenham (UK), Dallas, Fort Lauderdale, Huntersville (NC), Ontario (CA), Philadelphia, Pleasanton (CA), and Salt Lake City. Visit .
Globe Newswire: 12:30 GMT Thursday 8th August 2019
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