Vertafore, AMS Owner, Sold To Private Equity Firm

NU Online News Service, Nov. 24,3:08 p.m.EST

The transaction is expected to close before the end of the year.Terms were not announced.

Vertafore is the management system and information source forover 15,000 independent agencies, 120,000 end-users and 300insurers.

Under the agreement, Hellman & Friedman will acquireWindsor, Conn.-based Vertafore from Trident II and the MMC CapitalTechnology Fund, which are managed by MMC Capital, Inc., awholly-owned subsidiary of Marsh & McLennan Companies, Inc.,and other minority investors.

Investing alongside Hellman & Friedman will be JMI Equity, aSan Diego-based venture capital firm exclusively focused on thesoftware and business service industries.

"In combination, Hellman & Friedman and JMI Equity have adistinguished track record of involvement with not only thesoftware services sector, but also the insurance sector, givingthem a unique understanding of the key elements required to makeour company successful," said Vertafore CEO Euan Menzies. Hellman& Friedman's prior investments in the insurance sector includeArch Capital Group Ltd. and Mid Ocean Ltd.

"We are also very pleased to be partnering with Euan Menzies andVertafore's management in this investment. Our goal is to supportthis very experienced team in executing their proven plan to drivefurther growth in the business," said David Tunnell, managingdirector of Hellman & Friedman.