BOTHELL, WA, June 30, 2016 – Vertafore, the leader in modern insurance technology, today announced the completion of its previously reported acquisition by funds affiliated with Bain Capital Private Equity and Vista Equity Partners. The transaction was announced in May.
With over 45 years of deep industry expertise, more than 500,000 insurance professionals trust Vertafore® technology every day across each point of the insurance value chain. Leading products in the company’s portfolio include the Vertafore Agency PlatformTM, AMS360® and Sagitta® management systems, ImageRight®, and Sircon® agency and carrier solutions.
“Today is a significant day for our employees and our customers, and this partnership will help us continue to enhance our product portfolio and invest in our technology solutions to serve our customers who are managing increasing complexity inherent in the industry,” said Jeff Hawn, Chairman & CEO at Vertafore. “Our customers know they can count on Vertafore to deliver comprehensive software and data aggregation, as well as useful tools across the value chain that simplify the underwriting process.”
“We look forward to helping Vertafore build upon the strong momentum and continue to execute on growth opportunities and maximize the potential of the business,” said Ian Loring, a Managing Director at Bain Capital Private Equity. “Customers and partners can rely on Vertafore for innovative, best-in class solutions to increase agent and carrier efficiency.”
"We are eager to work with the team at Vertafore to continue redefining the insurance industry through their leadership in digital technology. In a complex and evolving market, transforming the insurance landscape will require data-driven and customer-focused disruption to keep pace with demand,” said Robert Smith, Founder, Chairman & CEO of Vista.
The acquisition comes just a month after Vertafore expanded its reach and capabilities by acquiring Keal Technology in Canada, and less than a year after the purchase of QQSolutions in Florida, both providers of cloud software to independent insurance agencies. During 2015, Vertafore delivered more than 250 new product releases to the market, bringing new technology and innovation to the industry’s largest customer base, including agencies, carriers, MGAs, MGUs and over half of U.S. state regulatory agencies.
BofA Merrill Lynch served as the exclusive financial advisor, and Ropes & Gray LLP acted as the legal advisor to Vertafore and TPG in connection with the transaction. Credit Suisse, Morgan Stanley, Citi, and Mizuho were the joint lead arrangers and joint book runners for the financing. Kirkland & Ellis LLP acted as legal counsel, and EY LLP served as accounting advisor to Bain Capital Private Equity and Vista.
Vertafore offers the broadest and most adaptable technology solutions to better prepare the insurance industry for digital disruption. The Vertafore product line is built on a platform, empowering customers and other solution providers to adapt and thrive as the market changes. Vertafore’s platform features fast innovation, partnerships with the best technology companies, and customizable solutions to help companies remain independent during a time of industry disruption. As the leader in modern insurance technology with the largest customer base in the industry, Vertafore connects every point of the distribution channel, from agencies and carriers to MGAs, MGUs, and state governments. For more information about Vertafore, visit www.vertafore.com, read the company’s blog, and follow the company on Twitter, LinkedIn, and Facebook.
About Bain Capital Private Equity
Bain Capital Private Equity has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since our founding in 1984. Our team of more than 400 investment professionals creates value for our portfolio companies through our global platform and depth of expertise in key vertical industries including consumer/retail, financial and business services, healthcare, industrials, and technology, media and telecommunications. In addition to private equity, Bain Capital invests across asset classes including credit, public equity and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus. For more information visit www.baincapitalprivateequity.com.
About Vista Equity Partners
Vista, a U.S.-based private equity firm with offices in Austin, Chicago and San Francisco, with more than $25 billion in cumulative capital commitments, currently invests in software, data and technology-based organizations led by world-class management teams with long-term perspective. Vista is a value-added investor, contributing professional expertise and multi-level support towards companies realizing their full potential. Vista’s investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity in private equity investing. For more information, please visit www.vistaequitypartners.com.
© 2016 Vertafore Inc. All rights reserved. Vertafore, AMS360, Sagitta, ImageRight, Sircon and the Vertafore logo are registered trademarks of Vertafore and its subsidiaries. Any other trademarks are property of their owners.