iPipeline, a developer of on-demand sales distribution software for insurers and financial services firms, has announced it has acquired COSS Development Corporation, a provider of Web-enabled illustration systems. iPipeline also announced the appointment of Timothy Wallace, a 28-year veteran of the technology industry, to president and CEO.
iPipeline and COSS have been business partners since 2004 and serve more than 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 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," says Mike DiPiano, managing general partner at NewSpring Capital and the new chairman of the board at iPipeline. "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."
Wallace succeeds Larry Berran as CEO. Berran, who has been with iPipeline since 2002, has been appointed chief operating officer and chief financial officer. iPipeline also appointed Dan Borth, who previously was with COSS, vice president and general manager.
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