Guiewire Feb 2018 TL
Follow Us
ITA MEMBERSHIP

DISTRIBUTION

DISTRIBUTION

Bain Capital, Vista Equity Acquire Vertafore from TPG

Staff Writer | May 02, 2016

Vertafore announces that funds affiliated with Bain Capital Private Equity and Vista Equity Partners have entered into a definitive agreement to jointly acquire the company from TPG Capital. The sale is expected to close during the third quarter. Additional terms of the transaction were not 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,” says Jeff Hawn, chairman & CEO at Vertafore. “We also are 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."

With over 45 years of industry expertise, more than 500,000 insurance professionals trust Vertafore technology every day across each point of the insurance value chain, utilizing solutions in the company’s product portfolio including products such as the AMS360 and Sagitta management systems, ImageRight, and Sircon agency and carrier solutions.

“Vertafore is a market leader with mission critical product offerings for insurance brokers and a compelling business model,” says Ian Loring, a managing director at Bain Capital Private Equity. “The company has been at the forefront of product innovation and bundling solutions to help make agency management more efficient. We look forward to partnering with Vertafore to drive further growth and customer satisfaction.”

"Vista is enthusiastic about Vertafore's software and information solutions, employees, and the vast customer base they serve today,” says Brian Sheth, co-founder and president of Vista. “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.”

“It’s been a privilege to be a part of Vertafore’s tremendous growth over the last six years,” says Bryan Taylor, Partner at TPG Capital.  “Vertafore has become a clear leader in the industry by expanding its product line, strengthening its workforce, and putting increased resources toward R&D. Today’s announcement is the result of many years of hard work and the culmination of a great partnership with Jeff and the Vertafore management team.”

BofA Merrill Lynch is serving as the exclusive financial advisor and Ropes & Gray LLP as the legal advisor to Vertafore and TPG in connection with the transaction. Credit Suisse is providing the financing commitments and acting as financial advisor to Bain Capital Private Equity and Vista. Kirkland & Ellis LLP is acting as legal counsel and EY LLP is serving as accounting advisor to Bain Capital Private Equity and Vista. The transaction is subject to customary regulatory review.


Featured articles

Hyland Large RHS 4 10 2018

MT 4 10 2018 Large RHS

ELECTRONIC CHAT

The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.

WEB EVENTS

ITA is pleased to present the 2014 Webinar Series. We have many topics for you to choose from and attendance is open to all ITA members. The webinar topics are current and exciting — ranging from predictive analytics to telematics and will focus on the direction insurance carriers need to follow for the future. All webinars are presented by insurance IT professionals along with some of the leading analysts and consultants in the field. There is no cost to attend an ITA webinar. For more information and to register for the webinar, click the “title” of the webinar below.

BLOGS AND COLUMNS

only online

Only Online Archive

ITA Pro Buyers' Guide

Vendor Views

Partner News