News

NEWSPRING CAPITAL ANNOUNCES INVESTMENT IN iPIPELINE

$18mm financing provides capital for growth and acquisition of COSS Development Corp.

RADNOR, PA, September 12, 2008 – NewSpring Capital, of Radnor, PA and Short Hills, NJ, announced today that NewSpring Ventures, the dedicated growth and expansion stage venture fund of the NewSpring Capital fund family, led an $18 million Series A financing of iPipeline, Inc. with Fidelity Ventures as a co-investor.

The Company has been funded to date by its founders, Cary Toner and Bill Atlee, who recognized the need for an aggregated, centralized source of information and a multi-company platform for processing insurance sales. From those beginnings, iPipeline has expanded its offerings to include the iGO platform which provides the ability to capture, validate, e-sign and transmit data, thus eliminating the need for paper application forms.

iPipeline’s Larry Berran said, “The firm will use this funding to expand its sales and marketing effort with both carriers and distributors, to develop additional point-of-sale capabilities for agents, and to make select tuck-in acquisitions to extend the depth of the offering.”

Michael DiPiano, managing partner at NewSpring commented, “iPipeline is well positioned in the insurance technology market to take advantage of the continued shift away from selling insurance through captive to independent agents. And, as a result, with the significant increase in agents now selling policies, there’s a greater need for straight-through processing across a complex value chain.” Both Michael DiPiano and Michael Poisel of NewSpring Capital have joined the Board of Directors of iPipeline.

“iPipeline provides a compelling value proposition to all market constituents with its content-form repository and technology delivered in an on-demand environment,” said Roger Hurwitz, partner at Fidelity Ventures. “With iPipeline’s distribution reach, we believe the Company is well positioned to meet the needs of an underserved insurance industry. We look forward to assisting them with their next phase of growth.”

iPipeline recorded 400% growth over the past five years, attracting over 100 carriers and 700 distributors on its hosted platform. “We are pleased to have NewSpring Capital and Fidelity Ventures join as investors as we build our business,” Berran said. “This combination provides deep operational expertise, an enormous network and the know-how to achieve success.”

For more information, please visit www.ipipeline.com.