Bothell-based Vertafore announced Thursday that it has been purchased by Bain Capital Private Equity and Vista Equity Partners. A spokesperson for the company said terms of the deal would not be disclosed, only that it was a “multi-billion dollar acquisition.” Reuters reported in May that the company was valued at approximately $2.7 billion.
“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 who are managing increasing complexity inherent in the industry,” said Jeff Hawn, chairman & CEO at Vertafore. “Our customers know they can count on Vertafore to deliver comprehensive software and data aggregation, as well as useful tools across the value chain that simplify the underwriting process.”
The insurance technology company offers software to insurance carriers that helps process claims. The software is used by approximately 500,000 insurance insurance professionals across the globe. In the past year, Vertafore acquired Canada-based Keal Technology and QQSolutions in Florida. In 2015, the company delivered more than 250 product releases.
“We look forward to helping Vertafore build upon the strong momentum and continue to execute on growth opportunities and maximize the potential of the business,” said Ian Loring, a managing director at Bain Capital Private Equity. “Customers and partners can rely on Vertafore for innovative, best-in class solutions to increase agent and carrier efficiency.”