Vertafore

Vertafore, Inc, a privately-held company based in Bothell, Washington, is the largest provider of technology for the insurance industry in the United States.[1] Its products are used by nearly 30,000 insurance agencies, carriers and agents, including 96 of the top 100 U.S. agencies and more than 80 of the top 100 carriers.[2] It serves organizations of all sizes, from large carriers, such as Safeco, to single-office insurance shops.[3]

Vertafore employs over 1,300 people in 11 offices across the country, and was the fifth largest cloud computing company in the Seattle area in 2014, behind Microsoft, HP, Google, and Amazon, with $400 million in revenue.[3][4]

History

Vertafore was founded in 1969 under the name Agency Records Control (ARC), as a card tabulating service bureau for independent agents based in Bryan/College Station, TX. Agency's forebear Safecom was incorporated as a wholly owned subsidiary of Safeco Insurance Company.[5]

In 2004, the company changed its name to Vertafore and was acquired by Hellman & Friedman and JMI Equity.[3] It subsequently relocated its headquarters from Windsor, Connecticut to Bothell in 2005, and was sold to TPG Capital for $1.4 billion in one of the largest leveraged buyouts of 2010.[6][7][8][9]

Jeff Hawn, formerly of Attachmate, became the company's CEO in April 2015.[10]

By 2016, Vertafore was earning $180 million on $485 million of revenue.[3][11]

In May 2016, investment companies Bain Capital and Vista Equity Partners announced an agreement to acquire Vertafore for $2.7 billion, which a company representative characterized as "the largest investment ever in the insurance technology space."[12][13][14] The deal closed on June 30, 2016.[15]

Awards

Acquisitions

References

  1. ↑ Adam Worcester (December 12, 2014). "Theo Beack consults data to innovate, change at Vertafore". Puget Sound Business Journal. Retrieved January 3, 2016.
  2. ↑ Robert Celaschi (September 26, 2014). "Vertafore CEO's first year: reassuring staff, customers, investors". Puget Sound Business Journal. Retrieved January 3, 2016.
  3. 1 2 3 4 "Vertafore helps insurance firms keep track of data". The Seattle Times. February 25, 2016. Retrieved July 25, 2016.
  4. ↑ Stephanie Forshee (January 9, 2015). "Here are the top cloud computing companies here in Cloud City". Puget Sound Business Journal. Retrieved January 3, 2016.
  5. 1 2 3 http://www.vertafore.com/About-Us/History
  6. ↑ John Cook (June 21, 2005). "Software firm Vertafore chooses Bothell". Seattle Post-Intellegencer. Retrieved January 3, 2016.
  7. ↑ Grocer, Stephen (June 11, 2010). "Deal Profile: TPG Agrees to Acquire Vertafore". The Wall Street Journal. Retrieved January 3, 2016.
  8. ↑ Jeffrey McCracken; Jason Kelly; Zachary R. Mider (August 10, 2010). "Blackstone Said to Be in Talks to Buy Polymer Group". Bloomberg. Retrieved January 3, 2016.
  9. ↑ Soyoung Kim; Nadia Damouni; Greg Roumeliotis (February 12, 2014). "Exclusive: HR software firm Kronos spurns $4.5 billion-plus bids: sources". Reuters. Retrieved January 3, 2016.
  10. ↑ Cook, John (April 2, 2015). "Vertafore names former Attachmate boss as CEO". Geek Wire. Retrieved December 29, 2015.
  11. ↑ "Exclusive: TPG explores sale of insurance software firm Vertafore - sources". Reuters. 2016-04-12. Retrieved 2016-07-25.
  12. ↑ "Bain, Vista Equity to acquire Vertafore for $2.7 billion". Reuters. 2016-05-02. Retrieved 2016-07-25.
  13. ↑ Lerman, Rachel. "Bothell software maker Vertafore sold to 2 investment funds". The Seattle Times. The Seattle Times Company. Retrieved 2016-05-06.
  14. ↑ Davis, Jim (August 8, 2016). "Why Bothell's Vertafore is considered so valuable". Everett Herald. Retrieved September 3, 2016.
  15. ↑ Davis, Jim (June 30, 2016). "Deal closes on purchase of Bothell insurance tech provider". Everett Herald. Retrieved July 25, 2016.
  16. ↑ http://www.bizjournals.com/seattle/subscriber-only/2015/01/09/cloud-computing-companies.html
  17. ↑ "Vertafore Sweeps Award Season; Accepts Top Honors from Insurance Business America, Best in Biz and ACORD | Vertafore". www.vertafore.com. Retrieved 2016-05-19.
  18. ↑ "VERTAFORE PL RATING". Insurance Business. Retrieved 2016-05-19.
  19. ↑ Vertafore. "Vertafore Wins Four ACORD Awards". www.prnewswire.com. Retrieved 2016-05-19.
  20. ↑ "Vertafore makes foray into Canada with deal to acquire Keal Technology - GeekWire". GeekWire. Retrieved 2016-03-02.
  21. ↑ Cook, John (June 16, 2015). "Insurance software company Vertafore buys QQ Solutions". Geek Wire. Retrieved December 29, 2015.
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