Roper Shares Gain After Agreeing to Acquire Cloud-Software Company iPipelines

Roper Technologies (ROP) shares rose Thursday after agreeing to acquire cloud-based software company iPipeline, while a chief executive for the new unit was appointed.

Exton, Pa.-based iPipeline, which announced the deal, provides cloud-software solutions to the insurance and financial-services industry. The company is owned by private-equity firm Thoma Bravo.

Shares in Roper were nearly 2.5% higher in afternoon trading. The Lakewood Ranch, Fla.-based company designs and develops software and engineered products for a number of end markets.

Terms of the deal, which is expected to close in the third quarter, weren’t released.

“We are excited to add another industry-leading, cloud software business to our family,” said Roper CEO Neil Hunn. “The iPipeline transaction demonstrates our disciplined capital deployment strategy, which results in the acquisition of high-quality businesses.”

iPipeline said it will continue to operate from its Pennsylvania headquarters, and its name and brands are not expected to change after the deal closes.

“Roper’s acquisition of iPipeline is a great opportunity for our customers, employees, and partners,” said Chief Executive Larry Berran, whose appointment as the head of iPipeline was also announced Thursday. Former CEO Tim Wallace will move into a strategic advisor role.