PE firm Thoma Bravo has agreed to sell Exton-based iPipeline to Roper Technologies for $1.625 Billion.
The impressive exit reflects the success iPipeline has achieved in establishing its applications as industry standards for the life insurance and annuities markets. For the Philly area, it is probably the largest exit by a enterprise SaaS company, and a prime example of what can be achieved within a vertical market.
Sarasota-based Roper Technologies, Inc. (NYSE: ROP), is a $5.2 billion revenue diversified technology company.
Concurrent with the transaction, Larry Berran, iPipeline’s CFO & COO, will be appointed CEO of the company. Long time CEO Tim Wallace announced his move into a strategic advisor role.
“Roper’s acquisition of iPipeline is a great outcome for our organization and the entire iPipeline ecosystem. I look forward to supporting Larry Berran, my business partner for the last 11 years and a driving force at iPipeline for 17 years, as he assumes this important role,” he said in a statement.
Thoma Bravo bought iPipeline in 2015 for roughly 1/4th of what it sold for, the Inquirer reported. The previous owners included investors NewSpring Capital, of Radnor; Technology Crossover Ventures (TCV), of Palo Alto, Calif.; and Volition Capital, of Boston