Vertafore, a provider of software and services to the insuranceindustry, announced that an agreement has been reached for thecompany to be acquired by investment funds managed by TPGCapital.

TPG will purchase the company from Hellman & Friedman andits co-investor JMI Equity for a total consideration of $1.4billion. Additional terms of the transaction were not disclosed.The acquisition is expected to close in the third quarter, subjectto customary regulatory approvals.

Euan Menzies, president and CEO of Vertafore, said "We areextremely proud of Vertafore's market leading position, innovativeproducts and proven ability to provide value-added services to ourclients. We have enjoyed the strong support of Hellman &Friedman and JMI Equity over the past several years, and areexcited to welcome our new partner, TPG."
Menzies feels TPG understands Vertafore's business and has a sharedvision for the future of the company.

"We believe this will be an excellent partnership as wecollaborate to build future successes and continue our strongcustomer focus," he says.

"Vertafore is a world-class company that has developed essentialproducts and services for the growing insurance industry," saysJohn Marren, a partner at TPG. "Vertafore has proven its ability togrow across market cycles both organically and through well-plannedand successfully integrated acquisitions. We look forward toworking with the company's excellent management team and dedicatedemployees."

(To read what Island Insurance Companies CIO Jeff Fabry thinksabout Vertafore's ImageRight product, click on this Virtual Viewpoint.)