Interview with Tim Wallace (iPipeline)
iPipeline provides a suite of sales distribution software to the insurance and financial services markets as an on-demand service.
I interviewed Tim Wallace, iPipeline CEO to find out more. This is the hundred and thirty seventh in a series of DW interviews. Big thank you to Tim!
How would you describe iPipeline in under 50 words?
We provide cloud based tools to the life insurance industry that allows financial advisers the ability to market, sell and process sales faster.
Describe yourself in one sentence.
I am very driven, hard working and focused.
What’s your background? What brought you to iPipeline?
This is my seventh company and I was brought to iPipeline by my VC’s.
You and your team grew iPipeline’s revenue from $5.3 million to $24.3 million – an increase of 360 per cent – over the last three years. As such iPipeline is listed on Inc. magazines 500|5000 fastest growing private companies for 2011. What are the main factors that have led to this success?
Actually we will hit $60 million this year. Our growth is a direct result of taking solutions to a market place where there is a need. Our products reduce costs and increase revenue while automating a very manual process.
Did you expect the fast rate of growth that iPipeline has experienced over these last few years?
Yes, we actually have been 100% accurate with our revenue forecasts.
Congratulations on winning Ernst & Young’s 2011 Entrepreneur Of The Year in the Technology category for the Greater Philadelphia Region – one of the densest clusters of technology companies in the US! You have been a four time finalist for the Ernst & Young Technology CEO of the Year. What keeps you motivated?
I love to work and building a great company is a lot of fun. I also really like watching our people grow and the opportunities they get as a result of our growth.
Where did you grow up and how did your interest in software develop?
I grew up in Pittsburgh and my brother and I bought the first PC, it was called an Osborne and we started our first business with it and Visicacl.
You and your team have molded the company into a true industry leader and iPipeline has earned a solid reputation in the insurance industry by winning key industry-leading awards. How do you plan to ensure continued success?
By focusing on our customers and exceeding their expectations.
Last year iPipeline acquired GaleForce Solutions and recently announced the acquisition of UK-based Assureweb. How do these strategic acquisitions position iPipeline in today’s market?
The UK market place gave us immediate market share and a beach front to expand into all of Europe. Galeforce was just a technology acquisition that gave us the genesis of our CRM offering.
What do you wish you’d have known 5 years ago that you know now?
Don’t tolerate negative people, life is too short.
Where do you see iPipeline in 5 years time?
$250 million and the leading SaaS company servicing the whole insurance industry.
What is the biggest hurdle you, personally, have faced or are still facing?
I ran out of money at one of my companies, that sucked.
What key goal have you yet to achieve?
I want a jet.
What are you most excited about at the moment?
Entering the Japanese market place.
Finished reading? Check out iPipeline!