BOTHELL — Insurance software provider Vertafore reportedly plans to move some of its operations from Bothell to Colorado.
The company told employees last week that its sales, legal, marketing, human resources, finance and accounting departments in Bothell would be relocated within six months.
The news came from an email that was sent using a Web-based service that is designed to shield the sender’s identity.
Vertafore didn’t confirm the information, but instead released the following statement:
“Vertafore has been an industry leader in insurance technology for over 45 years, and we continue to expand our product and service offerings to solve the evolving needs of our customers. This evolution requires tight alignment across teams within Vertafore.
“Bothell will continue to be a Center of Excellence for Vertafore, where we will have a continued sizable presence. We remain committed to our customers, and anticipate another year of outstanding achievements and growth for the company.”
Vertafore has offices in Boulder, Colorado.
Vertafore provides software for more than 500,000 insurance professionals nationwide. The company has about 1,300 total employees, around 475 of which are 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.