TPG Capital to acquire Vertafore from Hellman & Friedman
Jun 10, 2010
BOTHELL, WA, June 10, 2010 – Vertafore, a leading provider of software and services to the insurance industry, today announced that a definitive agreement has been reached for the company to be acquired by investment funds managed by TPG Capital (“TPG”). TPG will purchase the company from Hellman & Friedman and its co-investor JMI Equity for a total consideration of $1.4 billion. Additional terms of the transaction were not disclosed. The acquisition is expected to close in the third quarter, subject to customary regulatory approvals.
Euan Menzies, President and CEO of Vertafore, said “We are extremely proud of Vertafore’s market leading position, innovative products and proven ability to provide value-added services to our clients. We have enjoyed the strong support of Hellman & Friedman and JMI Equity over the past several years, and are excited to welcome our new partner, TPG.”Mr. Menzies continued, “TPG is a premier private investment firm that has an impressive track record in the technology field. The TPG team understands our business and shares our vision for the future of the company. We believe this will be an excellent partnership as we collaborate to build future successes and continue our strong customer focus.”
“Vertafore is a world-class company that has developed essential products and services for the growing insurance industry,” said John Marren, a partner at TPG. “Vertafore has proven its ability to grow across market cycles both organically and through well-planned and successfully integrated acquisitions. We look forward to working with the company’s excellent management team and dedicated employees.”
“We have had a tremendously successful partnership with Euan Menzies and the entire Vertafore team,” said David Tunnell, Managing Director of Hellman & Friedman. “We are proud of the company’s performance and market leadership and are confident in a smooth ownership transition.”
Barclays Capital acted as financial advisor and Simpson Thacher & Bartlett LLP acted as legal counsel to Vertafore in connection with the transaction. Credit Suisse acted as financial advisor, Cleary Gottlieb Steen & Hamilton LLP served as legal counsel and Deloitte served as accounting and tax advisor to TPG in connection with the transaction. Debt financing is being provided by Credit Suisse.
About Vertafore Vertafore delivers software and services that transform the business of insurance. Unique to the industry, more than 20,000 customers rely on Vertafore to provide integrated technology that connects the entire industry with the most complete source of solutions—agency management, rating and connectivity, content management and workflow, information solutions and producer lifecycle management—so their businesses run better and are more profitable. For more information about Vertafore, please visit www.vertafore.com.
Media Contacts:Kellen DavisonVertaforekdavison@vertafore.com(425) 354-6819
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