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.