Bringing you news of successful exits in the sector
Deepbridge Capital, the tax-efficient investment manager and EIS provider, recently announced the exit of its holding in iPipeline Holdings Inc. The company was sold for $1.625bn and Deepbridge Capital have been kind enough to provide some extra background for GBI and its readers.
Could you tell us more about the fund invested in the company and how long it was invested for?
Investments were originally made in to Resonant Software Inc., which subsequently merged with iPipeline Holdings Inc. in 2017.y
What exactly does the company do?
iPipeline is a provider of cloud-based software solutions to customers in the financial services and life industry. Resonant’s software, which was merged with iPipeline, focused on automating compliance processes within the financial and insurance sectors.
What did the company invest the money in?
The two main areas they concentrated on were product development , and also to giving a boost to sales & marketing strategies and their implementation.
How much was raised?
£3.78m.
How was the exit achieved?
It was a trade sale; Thoma Bravo, LLC, a leading private equity investment fi rm, entered into a definitive agreement to sell iPipeline to Roper Technologies. The company was acquired for $1.625bn, and concurrent with the transaction, Larry Berran, iPipeline’s CFO & COO, was appointed CEO of the company.
The exit culminated a highly successful four-year partnership between Thoma Bravo and iPipeline, the result of which was a significant increase in the company’s valuation. Following its acquisition in 2015, Thoma Bravo worked with iPipeline’s management to drive organic growth in its core markets and transform the company’s product offerings through five highly strategic acquisitions. Today, iPipeline is the market leader in cloud-based software that powers the entire life insurance and annuity process from application to administration.
How much was returned to investors?
£5.97m in total, a return of up to 3x on investment.
We first invested in Resonant Software in 2013 and brought this highly innovative software to the UK, from the USA, under permanent establishment rules. Due to our hands-on management style, we were able to ensure Resonant’s subsequent merger with iPipeline in 2017 was completed in a manner that was best suited to the interests of our investors. We are delighted to complete another exit and provide a positive return to our investors. The successes of our investee companies reinforce our commitment to identifying, managing and supporting the best technology and life sciences innovations
