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American firm in talks to acquire Assureweb

American technology company iPipeline is in talks to acquire Assureweb, Money Marketing understands.

iPipeline is looking to buy the quotation portal which is owned by Prudential, Aegon, Friends Life, Scottish Widows and Aviva.

Assureweb is one of the three main quotation portals used by advisers alongside Avelo and Capita’s Webline.

iPipeline, which is based in Exton, Pennsylvania, provides software to the insurance and financial services markets. It is backed by NewSpring Capital, Technology Crossover Venture and Volition Capital.

Assureweb chief executive Andrew Simon (pictured) says: “As a successful technology business and given the role we play, we are regularly talking to technology partners about working more closely. We continue to evolve the business so we are positioned to provide technology solutions to meet the needs of our clients.

“We have no comment to make on specific speculation but we remain interested in developing our business and will look for dialogue with other strategic partners.”

Friends Life and Aegon, which hold 23 per cent and 20 per cent stakes in Assureweb respectively, declined to comment.

Aviva, Scottish Widows and Prudential were unavailable for comment at the time of going to press.

Finance and Technology Research Centre director Ian McKenna says: “I have always thought it would be difficult for Assureweb to grow as a business under the collective ownership of a group of insurers. Having a single focused owner should enable it to better deliver the outcomes its customers need.”

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