BOTHELL — Insurance software provider Vertafore announced Monday that it plans to move its headquarters from Bothell to Denver, Colorado.
An email leaked to The Herald in January laid out plans for the move. Vertafore plans to keep a presence in Bothell, but the company did not say how many people would remain.
Vertafore will receive up to $700,000 in financial incentives from the state of Colorado and the city of Denver for the move, according to the Denver Post.
Vertafore currently employs about 120 in Denver at a temporary location and plans to hire at 300 new workers over the next four years, according to the newspaper.
Vertafore provides software for more than 500,000 insurance professionals nationwide. The company has about 1,300 total employees, as of last year 475 of which were based in Bothell. The company was founded in Texas in 1969 and moved its headquarters to Bothell in 2005.
Bain Capital Private Equity and Vista Equity Partners acquired Vertafore from TPG Capital last year.
The terms of the deal weren’t disclosed, but Reuters reported that the deal values the insurance software provider at $2.7 billion, including debt.
The company said it holds a majority market share in agency management software, benefits software, rating software, content management software for carriers, and compliance and regulation solutions.