Vertafore, a provider of software and services to the insurance industry, announced that an agreement has been reached for the company to be acquired by investment funds managed by TPG Capital.
TPG will purchase the company from Hellman & Friedman and its co-investor JMI Equity for a total consideration of $1.4 billion. Additional terms of the transaction were not disclosed. The acquisition is expected to close in the third quarter, subject to customary regulatory approvals.
Euan Menzies, president and CEO of Vertafore, said "We are extremely proud of Vertafore's market leading position, innovative products and proven ability to provide value-added services to our clients. We have enjoyed the strong support of Hellman & Friedman and JMI Equity over the past several years, and are excited to welcome our new partner, TPG."
Menzies feels TPG understands Vertafore's business and has a shared vision for the future of the company.
"We believe this will be an excellent partnership as we collaborate to build future successes and continue our strong customer focus," he says.
"Vertafore is a world-class company that has developed essential products and services for the growing insurance industry," says John Marren, a partner at TPG. "Vertafore has proven its ability to grow across market cycles both organically and through well-planned and successfully integrated acquisitions. We look forward to working with the company's excellent management team and dedicated employees."
(To read what Island Insurance Companies CIO Jeff Fabry thinks about Vertafore's ImageRight product, click on this Virtual Viewpoint.)
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