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Wednesday, November 11, 2009
Exton's iPipeline gets $15 million, will add jobs: UPDATE

NEW: iPipeline, Tim Wallace's Exton-based insurance-sales software maker, will announce Friday it's raised $15 million from Mike DiPiano's New Spring Capital, of Radnor, and Fidelity Ventures, of Boston, to fund acquisitions.

EARLIER: iPipeline says it's buying Utah-based AgencyWorks, a life-insurance agency software firm. The firms won't say what iPipeline is paying.

In a statement, Wallace said the firms' products are complementary and would "create the largest insurance network in the industry" for clients including John Hancock, Metlife, Nationwide and other national firms.

iPipeline employs 68 in Exton, and about 32 more in Milwaukee, Atlanta, Hartford, Charlotte and Los Angeles. AgencyWorks employs around 40 in Utah, who will keep their jobs under President Andrea Evans.

"We are hiring approximately 20 individuals" due to "organic growth over the next couple of months," and hope to hire more than 20 next year, iPipeline spokesman Mike Persiano told me.

 

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About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column, which is printed in the business pages of The Philadelphia Inquirer every Sunday, Tuesday, Wednesday, Thursday and Friday. Joe has worked at the Inquirer, mostly, since 1988. He has also written for Bloomberg and Gannett, authored the book Comcasted, majored in economics at Penn, and fathered six children. Reach Joe at 215-854-5194 and JoeD@phillynews.com

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