BOTHELL — Insurance technology provider Vertafore announced Monday that private equity firms Bain Capital Private Equity and Vista Equity Partners have entered into an agreement to acquire the company from TPG Capital.
The sale is expected to close later this year. Details on the deal were not disclosed.
Reuters is reporting that the two firms purchased Vertafore for $2.7 billion.
“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 and CEO at Vertafore, said in a statement.
Vertafore provides software for more than 500,000 insurance professionals nationwide. The company was founded in Texas in 1969 and moved its headquarters to Bothell in 2005. TPG Capital acquired Vertafore from Hellman &Friedman and co-investor JMI Equity in 2010, according to the company website.
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
