Kirkland, Lauletta Birnbaum Guide $1.6 Billion IPipeline Sale

Private equity firm Thoma Bravo LLC announced on Thursday that it was selling off Pennsylvania-based software provider iPipeline to Roper Technologies Inc. in a $1.6 billion deal orchestrated with assistance from Kirkland & Ellis LLP and Lauletta Birnbaum LLC.

The deal ends a four-year affiliation between Thoma Bravo and iPipeline during which the company grew into what Thoma Bravo said in a statement was one of the leading providers of cloud-based software to the life insurance and financial services sectors.

“We are very proud of what we have accomplished working in partnership with … the iPipeline management team,” Thoma Bravo managing partner Holden Spaht said. “We partnered with an outstanding management team to acquire a vertical market software leader, improved the business by leveraging Thoma Bravo's deep operational capabilities and accelerated growth both organically and through [mergers and acquisitions] resulting in a doubling of the company's top line and even faster earnings growth."

According to a statement from Roper, iPipeline’s software provides automated workflow to a network of some 150 insurance carriers, 1,350 distributors and over half a million agents.

Roper, meanwhile, specializes in the design and development of software and other products for niche end-market users.

Neil Hunn, the president and CEO of Roper, said he was excited to bring iPipeline into the company’s fold.

“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,” he said. “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.”

As part of the all-cash deal, which is expected to close during the third quarter subject to regulatory approvals and other conditions, iPipeline Chief Financial Officer and Chief Operating Officer Larry Berran will take over as the company’s CEO.

While the company is based in Exton, Pennsylvania, it also has locations in Dallas, Salt Lake City, the U.K., Canada and Fort Lauderdale, Florida.

Thoma Bravo and iPipeline are represented by Kirkland & Ellis and Lauletta Birnbaum.

Roper is represented by Davis Polk & Wardwell LLP.