BOTHELL — Insurance technology provider Vertafore announced on Thursday that a deal to purchase the company has closed.
Bain Capital Private Equity and Vista Equity Partners reached a deal this spring to acquire Vertafore from TPG Capital. The terms of the deal weren’t disclosed, but Reuters previously reported it was for $2.7 billion.
Vertafore provides software for more than 500,000 insurance professionals nationwide.
“Today is a significant day for our employees and our customers and this partnership will help us continue to enhance our product portfolio and invest in our technology solutions to serve our customers,” said Jeff Hawn, chairman and CEO at Vertafore.
The private equity firms said in the statement that they hope to continue Vertafore’s momentum and grow its business.
“We are eager to work with the team at Vertafore to continue redefining the insurance industry through their leadership in digital technology. In a complex and evolving market, transforming the insurance landscape will require data-driven and customer-focused disruption to keep pace with demand,” said Robert Smith, Founder, chairman and CEO of Vista.
The company was founded in Texas in 1969 and moved its headquarters to Bothell in 2005. TPG Capital acquired Vertafore from Hellman &Friedman and co-investor JMI Equity in 2010, according to the company website.
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