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SARASOTA — Diversified technology company Roper Technologies Inc. announced it will acquire iPipeline in an all-cash transaction valued at $1.625 billion.
iPipeline’s cloud-based software delivers solutions for the life insurance and annuity industries, according to a press release.
“The iPipeline transaction demonstrates our disciplined capital deployment strategy by acquiring another high-quality business that will help grow and compound our cash flow,” says Neil Hunn, Roper’s president and CEO, in the statement. “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, Penn., headquarters. Berran joined iPipeline in 2002 and has served as COO and CFO since 2008. iPipeline’s name and brands are not expected to change as a result of the transaction, the release states.
The transaction is expected to close in the third quarter, subject to regulatory approval and customary closing conditions.
Roper operates businesses that design and develop software and engineered products and solutions for a variety of niche end markets. iPipeline is a provider of cloud-based software solutions for the life insurance and financial services industries.
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