Exton-based iPipeline, a company that makes policy management software for life insurance and investments, has sold for $1.625 billion in cash to Florida-based Roper Technologies, writes Joseph DiStefano for The Philadelphia Inquirer.
With this latest sale, iPipeline has managed to more than quadruple the amount the investment firm Thoma Bravo paid for it when it last changed owners four years ago.
The company employs 625 people, including 275 at its headquarters in Exton and other locations in the Philadelphia area. It makes $200 million in yearly sales.
Neil Hunn, CEO of Roper Technologies, called the newly acquired company a “high-quality business that will help grow and compound our cash flow.”
Hunn named Larry Berran, who has served as iPipeline’s chief financial officer and chief operating officer, as its new chief executive. Berran is succeeding veteran CEO Tim Wallace, who will remain as a strategic adviser.
Read more about iPipeline in The Philadelphia Inquirer here.