Capital One Provides $42.5MM Facility to iPipeline
Capital One Bank announced that it provided a $42.5 senior secured credit facility to iPipeline (Internet Pipeline) to finance its ongoing working capital requirements and current and future growth initiatives.
“iPipeline is a leading provider in the life insurance and annuities automation vertical, a vertical that remains behind the technology curve,” said Alan Tom, managing director, Technology Sponsor Finance, Capital One Bank. “Given this industry dynamic and iPipeline’s competitive positioning, we’re excited about iPipeline’s prospects, and we look forward to building a long-term banking relationship with them.”
“We were very pleased with Capital One’s execution on this financing facility,” said Larry Berran, CFO and COO, iPipeline. “Capital One’s vertical expertise and significant resources as a Top 10 Bank provide us with a knowledgeable partner and a financing source that will allow us to accomplish our growth initiatives.”
iPipeline provides a next-generation suite of sales distribution software through its on-demand service.