NU Online News Service, June 15, 1:15 p.m. EDT
Vertafore Inc. has been purchased by private global investment firm TPG Capital LP for $1.4 billion, Vertafore announced.
Bothell, Wash.-based Vertafore, which provides software and services to the insurance industry, was purchased from co-investors Hellman & Friedman LLC and JMI Equity.
The acquisition is expected to close in the third quarter, subject to customary regulatory approvals, Vertafore said.
John Marren, a partner of TPG, said, "Vertafore has proven its ability to grow across market cycles both organically and through well-planned and successfully integrated acquisitions."
Barclays Capital acted as a financial advisor and Simpson Thacher & Bartlett LLP acted as legal counsel to Vertafore in the transaction, the company.
Credit Suisse acted as financial advisor, Cleary Gottlieb Steen & Hamilton LLP served as legal counsel, and Deloitte served as accounting and tax advisor to TPG in the transaction.
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