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Tim Wallace '79

Tim Wallace '79

Tim Wallace grew up in Penn Hills, a Pittsburgh suburb. He and his brother and two sisters were first-generation college students. Having looked at some larger schools like Pitt and Penn State, he said he fell in love with the size of IUP and the rural setting and felt that it would be the right educational environment for him.

Wallace stayed busy during his four years as a student. Besides working summers and the odd school-year weekend at Longview Country Club in Pittsburgh to earn the money he needed to pay for his education, he also had a very active campus life. He pledged Theta Xi during freshman year, and the fraternity became his social focal point and fostered some of his closest friendships. He also served as president of the Student Accounting Association and played intramural sports. Graduating with a B.S. in Accounting in 1979, Wallace completed a brief internship with a real estate company and then returned to school at Miami University in Ohio to earn his MBA.

Wallace worked for Arthur Anderson for eleven years, starting on the financial side and garnering his CPA and then switching to IT. In 1991, he was recruited by XLConnect Solutions and helped grow the company’s revenues from $6 million to $115 million and helped to take the company public. Xerox bought the company in 1998—the same year Wallace earned the Distinguished Alumni Award from IUP.

“I was surprised and extremely honored, both to have been nominated and to have been chosen for the award,” he said. “It made me feel great. It’s as simple as that. I’m not a big accolades person. I prefer others to have the limelight. But it meant a lot to me to be recognized by IUP for my accomplishments in the business world.”

Since the sale of XLConnect and the Distinguished Alumni Award, Wallace has helped many more technology companies take their businesses to the next level. FullTilt Solutions and MedDecision, Inc., are among them. As CEO and chairman of FullTilt, Wallace helped raise $22 million in venture capital before selling the company in 2006. As COO of MedDecision, he oversaw the sale of the company for the largest premium on share price ever for the NASDAQ. For these and other successes, he has been a four-time finalist for the Ernst & Young Technology CEO of the Year.

Since July 2008, Tim has served as CEO of iPipeline and has taken that company from thirty-five to two hundred employees, all the while managing 57 percent average annual growth in during the recession. The company offers a suite of products that automate transactions in the insurance industry.

“IUP provided me the educational foundation of my business education, which really became the key foundation that allowed me to leverage my growth and my career over the past thirty-two years.”

In return, Tim has worked to give back to IUP by cofounding the Eberly College of Business Golf Classic, an annual golf outing and fundraiser held in Pittsburgh. The event not only raises money for the college, but also provides local professionals a chance to network and thereby solidify IUP’s reputation in Pittsburgh’s business community. Since its founding, the event has raised more than a half million dollars in scholarship funds. Wallace also has served as chairman the Foundation for IUP’s finance committee. In that capacity, he brought his experience in business administration to bear on the management of the foundation’s fiduciary obligations.

“As a state school, IUP didn’t necessarily have the resources or funding commitments as bigger schools like Pitt and Penn State,” Wallace said. “I felt obligated to help the school become something better, and knew they needed economic funding to do that.”

Wallace said he is excited about how IUP has grown over the past thirty years, and he still recommends it to kids graduating from high school today. “I’m really proud of what they’ve done there and I’m glad I was able to make some small contribution to help it happen.”

Wallace and his wife, Lee Anne, live in Philadelphia. They have three children: Taylor, 22, who recently graduated St. Andrew’s College in Scotland; Jacqueline, 19, a sophomore at Miami University; and Kelly, 17, who is a senior in high school.

Profile published on 8/9/11

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