Bain Capital Private Equity and Vista Equity Partners have agreed in principal to buy insurance tech provider Vertafore from TPG Capital. Financial details of the deal are not yet disclosed.
"We are thrilled to be working with two great private investors like Bain Capital Private Equity and Vista Equity Partners to fuel the future growth of Vertafore, and are looking forward to a great partnership that will benefit our customers, our employees, and our industry,” said Jeff Hawn, Chairman & CEO at Vertafore, in a statement. “We are also thankful for the strong leadership and support from TPG over the past six years and appreciate all they’ve done to prepare us for the next phase of our company’s growth."
The acquisition by Bain Capital and Vista comes just one month after Vertafore acquired Canadian-based Keal Technology.Vertafore has more than 45 years working with insurers offering products such as AMS360, Sagita management systems and ImageRight
“Vertafore is a market leader with mission critical product offerings for insurance brokers and a compelling business model,” said Ian Loring, a managing director at Bain Capital. “The company has been at the forefront of product innovation and bundling solutions to help make agency management more efficient."
Brian Sheth, co-Founder and president of Vista added, “Vista is enthusiastic about Vertafore's software and information solutions, employees, and the vast customer base they serve today. We’re eager to work with the team to continue to develop best-in-class products and services for the insurance industry, grow the business, and expand market share.”
BofA Merrill Lynch is serving as the exclusive financial advisor on the transaction while Ropes & Gray LLP serves as the legal advisor to Vertafore and TPG. The sale is expected to close in the third quarter.
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