Jul 29, 2010
BOTHELL, WA, July 29, 2010 – Vertafore, a leading provider of software and services to the insurance industry, today announced the completion of its acquisition by investment funds managed by TPG Capital ("TPG"). The deal was first announced on June 10, 2010. TPG purchased the company from Hellman & Friedman and its co-investor JMI Equity for a total consideration of $1.4 billion.
“We are pleased to move forward with TPG as our new partner. They recognize the value we have built and they share our vision for a successful future,” said Euan Menzies, president and CEO at Vertafore.
“Through innovation, steady growth, and strong leadership, Vertafore’s products have become essential to the insurance industry,” said John Marren, a partner at TPG. "We are pleased to be partnering with Vertafore’s talented management team to achieve the company’s next phase of growth."
The acquisition was funded with a combination of investor capital and financing arranged through Credit Suisse, Bank of America Merrill Lynch, Barclays Capital and RBC Capital Markets.
About TPG CapitalTPG Capital is the global buyout group of TPG, a leading private investment firm founded in 1992, with approximately $48 billion of assets under management and offices in San Francisco, Beijing, Fort Worth, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, Paris, Shanghai, Singapore and Tokyo. TPG Capital has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, growth investments, joint ventures and restructurings. TPG's technology investments have included Alltel, Avaya, Crystal Decisions, Fidelity National Information Services, Hotwire, IMS, Intergraph, Lenovo, MEMC, ON Semiconductor, Sabre Holdings, Seagate and SunGard among others.
Contact For TPG CapitalKristin Celauro, Owen Blicksilver Public Relations, Inc.email@example.com
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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