- Timothy Wallace appointed head of iPipeline -
EXTON, Pa., July 22 /PRNewswire/ -- iPipeline, the leader in on-demand
sales distribution software for insurers and financial services firms,
today announced it has acquired COSS Development Corporation, a leading
provider of mission-critical web-enabled illustration systems and fill-able
forms technology. The acquisition enables iPipeline to create a
first-of-its-kind ecosystem for carriers, distributors and agents, allowing
all to better serve their customers and increase sales in an expedited,
streamlined manner. iPipeline also announced the appointment of Timothy
Wallace, a 28-year veteran of the technology industry, to President and
Chief Executive Officer.
iPipeline and COSS have been business partners since 2004 and serve
over 100 insurance carriers and 700 brokerage general agencies, banks and
broker-dealers. As a result of the acquisition, iPipeline will provide an
end-to-end offering for point of sale applications. Specifically, brokers
will be able to use a Web-based system that allows them to present their
clients with comparisons and illustrations for insurance products, access
the most up to date forms and complete them online. This integrated
offering enables all stakeholders to achieve straight through processing in
one easy-to-use system.
"iPipeline is at an inflection point in its growth cycle and is proud
to have attracted the caliber of Timothy Wallace to take the Company to the
next level. Tim is a proven technology executive with a strong focus on
customer needs and has established an impressive track record of starting
companies, growing them and taking them public," said Mike DiPiano,
managing general partner at NewSpring Capital, who has been named chairman
of the board of iPipeline.
"The combination of iPipeline's market penetration and content coupled
with COSS's technology create a very unique firm that will dramatically
increase its product and service innovations for brokers," Wallace said. "I
am looking forward to working with the current management and leverage each
organization's core competencies to enhance our offerings and grow market
share. We are in a great position to leverage the assets of the combined
business and deliver a holistic solution to our customers."
Tim succeeds Larry Berran as Chief Executive Officer. Berran, who has
been with iPipeline since 2002, has been appointed chief operating officer
and chief financial officer. "This merger provides us with many new
opportunities to simplify distributed technologies for the financial
services industry," Berran said. "I am excited to work with Tim to realize
the value that the combination of iPipeline and COSS can create for our
customers. His experience in building businesses is vital as we continue to
grow the leading platform in the life insurance industry." iPipeline also
appointed Dan Borth, who previously was with COSS, vice president and
general manager.
While financial terms of the transaction were not disclosed, iPipeline
financed this acquisition with funding raised recently in a Series A
investment co-led by Fidelity Ventures and NewSpring Capital.
Tim Wallace
Prior to iPipeline, Wallace served as Interim President and Chief
Operating Officer of MEDecision, Inc. Wallace's previous experience
includes Chairman and CEO of Full Tilt Solutions, Inc., CEO of Xerox
Connect and President of XLConnect, a company Wallace founded and helped
take public in 1996. Wallace was a finalist in for Ernst & Young's 2001
Entrepreneur of the Year Award and twice has been part of teams that built
Inc 500 fastest growing companies. Wallace received a Bachelor of Science
degree in business administration from Indiana University of Pennsylvania
and a MBA from Miami University of Ohio.
About COSS
COSS is a leading technology company serving the financial services
industry with point-of-sale solutions. Founded in 1987, COSS offers a
complete suite of web and desktop solutions to simplify life and annuity
sales. Their flagship product, COSSEnterprise(TM), provides seamless
integration of Needs Analysis, Illustrations, Advanced Marketing, and
Electronic Forms into one user friendly interface.
About iPipeline
iPipeline provides the leading suite of sales distribution software to
the insurance and financial services markets delivered as an on-demand
service. This platform includes the most comprehensive forms and content
enabling the industry to market, sell and process insurance faster.
iPipeline provides agents everything they need to make a sale by
aggregating over 100 insurance companies in a single, Web-based network.
This simple, intuitive system integrates directly into over 700 Web sites
of the industry's largest banks, broker-dealers and insurance distributors
on a subscription based model. iPipeline's integrated approach enables
insurance companies to access sales distribution, eliminates point of sale
mistakes and streamlines the issuing of insurance policies.
iPipeline has offices in Pennsylvania, Georgia, North Carolina and
Wisconsin. For more information, visit: http://www.ipipeline.com.
Media Contact:
Larry Berran
(484) 348-6555
lberran@ipipeline.com
|
