IPipeline today announced the completion of a $15 million financing round led by NewSpring Capital of Radnor, PA., and Fidelity Ventures of Boston.
The funding will be used to fuel tuck-in acquisitions that further extend iPipeline's value as the most comprehensive and integrated platform in the insurance industry today.
"The financing enables us to fulfill our vision of creating a solution that provides producers with a seamless and integrated experience on a single platform," said Tim Wallace, CEO, iPipeline. "iPipeline maintains close communications with our carriers, distributors and producers, and we are committed to transforming their ideas into products that revolutionize the industry. Our acquisition strategy is to tuck in companies that support this initiative and elevate straight-through processing to a new level for the industry."
"iPipeline has a terrific management team committed to streamlining an inefficient and complex value chain and continues to attract many of the nation's leading carriers and distributors to its platform. The management team will continue to extend its SaaS offering to meet the evolving needs of its clients," said Roger Hurwitz, Partner, Fidelity Ventures.
"iPipeline is building the industry's most comprehensive end-to-end solution for both captive and independent agents within the insurance industry. The AgencyWorks acquisition positions iPipeline to better enable carriers, distributors and agents to reduce cycle time, accelerate business processes, and drive profitability," commented Mike DiPiano, Managing Partner, NewSpring Capital.
On November 3rd, iPipeline announced the acquisition of Utah-based AgencyWorks. AgencyWorks is the market leader providing agency management systems that maximize profitability for the brokerage industry with over 50 carriers and 350 distributors using the system to process in excess of 1 million insurance applications annually.