Vertafore, a leading provider of software to the insurance industry, is being 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 the company enjoyed “strong support of Hellman & Friedman and JMI Equity over the past several years” and now welcomes its new partner, TPG.
Vertafore provides software and information to the insurance distribution channel including independent agents, brokers, MGAs, carriers and reinsurers. It boasts more than 17,000 customers and 500,000 users.
TPG Capital is the global buyout group of TPG, a private investment firm founded in 1992, with $48 billion of assets under management. TPG’s technology investments have included SunGard, Fidelity National Information Services, Sabre Holdings, Alltel, Aptina, Avaya, Intergraph and Lenovo, among others.
Topics Mergers & Acquisitions
Was this article valuable?
Here are more articles you may enjoy.
Orion180 Files for IPO, Eyeing Home and Flood Insurance Market 
CIAB Survey: Overall Soft Market Conditions Continue in Q2 
11 New Firms Join Insurance Journal’s Top 100 Independent Agencies 
One Battle After Another: What TPLF Victory in One State Means for Others 
