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NewSpring Capital Announces Follow-On Investment in iPipeline

Radnor, PA, December 15, 2009 – NewSpring Capital, of Radnor, PA, Short Hills, NJ,  and Washington, DC announced today that NewSpring Ventures, L.P., the dedicated growth and expansion stage venture fund of the NewSpring Capital fund family, announced a follow-on investment in iPipeline, Inc. (“iPipeline”) to fund the acquisition of AgencyWorks, Inc. (“AgencyWorks”) in an all cash and stock deal along with co-investor, Fidelity Ventures. 

AgencyWorks provides an on-demand agency management software system that facilitates end-to-end management of life insurance-related product applications.  “This transaction adds to the company’s already robust platform for insurance agencies and carriers,” said Michael DiPiano, New Spring Capital General Partner. “iPipeline’s software as a service model is very efficient for the industry, providing it a compelling return on investment,” he added.

About iPipeline

iPipeline leads its industry in providing the next-generation suite of sales distribution software as a "clean technology" to the insurance and financial services markets through its on-demand service. iPipeline's channel solutions for carriers, distributors, and producers automate activities for quoting, forms processing, illustrations development, requirements ordering, contracting, and content distribution, enabling the insurance industry to market, sell, and process faster.  With headquarters in Exton, Pennsylvania, iPipeline has offices in Atlanta, Charlotte, Hartford, Los Angeles, Milwaukee, and Salt Lake City. For more information, please visit: www.ipipeline.com.

About AgencyWorks

AgencyWorks is a leading-edge Internet-based technology company whose focus is providing comprehensive solutions to maximize profitability, sales growth, and administrative efficiency for agencies, carriers, and brokers in the life insurance industry. AgencyWorks is the first company to provide access to all components of a life agency management system virtually via the Internet. AgencyWorks' offerings include Agency Integrator, Agency Gear, InsureSocket Brokerage, I-Relay and Broker Gear.  The functionality of the platform includes a CRM through technology provided by Prospect 9 coupled with the ability to manage cases, illustrations and products facilitated by direct data feeds with over 70 insurance carriers.  For more information, please visit: www.agencyworks.com.

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