Vertafore, a provider of software and services to the insurance industry, announced the completion of its acquisition by investment funds managed by TPG Capital. The deal was first announced on June 10. TPG purchased the company from Hellman & Friedman and its co-investor JMI Equity for a total consideration of $1.4 billion.
"We are pleased to move forward with TPG as our new partner. They recognize the value we have built and they share our vision for a successful future," says Euan Menzies, president and CEO at Vertafore.
"Through innovation, steady growth, and strong leadership, Vertafore's products have become essential to the insurance industry," says John Marren, a partner at TPG. "We are pleased to be partnering with Vertafore's talented management team to achieve the company's next phase of growth."
The acquisition was funded with a combination of investor capital and financing arranged through Credit Suisse, Bank of America Merrill Lynch, Barclays Capital and RBC Capital Markets.
