Software company Roper Technologies Inc. agreed to acquire iPipeline for $1.63 billion in an all-cash transaction.
Exton, Pa.-based iPipeline provides cloud-based software solutions to the life insurance and annuity industries. The company will continue to operate under its current name and brand from its headquarters after the acquisition.
Roper projects that iPipeline will contribute about $200 million in revenue and $70 million in after-tax free cash flow in 2020. It expects the purchase to be immediately cash accretive.
The acquisition is expected to close in the third quarter, subject to customary closing conditions and regulatory approvals.
Roper intends to finance the transaction through its revolving credit facility and cash on hand.