Confirming rumors, Exton-based iPipeline acquires UK-based Assureweb

Tom Paine

A few weeks ago I reported on rumors in the UK press that iPipeline was in talks to acquire Assureweb, a UK-based SaaS platform for life, mortgage and pension insurance quotations and applications.

Today, the deal was announced. Exton-based iPipeline says in a statement that Assureweb "will lead the expansion of iPipeline’s online insurance solutions to the UK, Europe and Asia". Terms of the deal were not disclosed. Assureweb, which is located in Cheltenham, Gloucestershire, has nearly 85 employees, the company says. Andrew Simon will continue to serve as Assureweb CEO. Assureweb has been owned by a consortium of UK insurers, including Aviva, AEGON, Friends Life, Prudential, and Scottish Widows Plc.

The deal apparently utilizes a chunk of the $71.4 million iPipeline raised from Technology Crossover Ventures in January. In addition to achieving geographical expansion, iPipeline says the combination of its own products with Assureweb's will be synergistic.

I'll be looking for more details on the deal in the UK press.



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