Vertafore, a provider of software and services to the insurance industry, announced that an agreement has been reached for the company to be acquired by investment funds managed by TPG Capital.

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

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

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.