Recognition of Insurtech Leader’s Strength and Commitment to Continued Innovation and Product Development
DENVER – August 13, 2020 - Vertafore, the leader in modern insurance technology, today announced that it will be acquired by Roper Technologies, Inc. (NYSE: ROP), a leading diversified technology company. Roper will acquire Vertafore from Bain Capital Private Equity and Vista Equity Partners with the acquisition expected to close in the third quarter, subject to regulatory approval and customary closing conditions.
“In Roper we have found a partner who shares both our vision and our values,” said Vertafore Chief Executive Officer Amy Zupon. “Their acquisition of Vertafore is validation of our strategy to provide innovative and critical solutions to our customers. Roper’s long-term mindset and proven model in selecting niche market leaders offers Vertafore a platform from which we can accelerate our commitment to helping our customers further modernize their operations. We are excited to have found a permanent home for our great company.”
Since 2016, Vertafore has added more than 500 employees and improved its customer net promoter score by 200%, while meaningfully increasing its annual recurring sales and investment in its products. All of these initiatives have been done in support of the company mission to automate and simplify insurance distribution to drive value for their customers. As part of the Roper family of companies, Vertafore will continue to be led by Amy Zupon as its chief executive officer.
“Roper’s businesses consistently have clear niche market leadership, strong management teams, high customer retention and a track record of consistent growth. Vertafore meets all of our criteria and we are thrilled for them to join the Roper family,” said Neil Hunn, President and CEO of Roper Technologies. “We’re especially impressed by Amy and her team, their commitment to customer success, and their long-term focus to drive innovation across the insurance industry. The demand from their customers to simplify complex and outdated processes creates multiple drivers for long-term growth, and we are excited to invest in that innovation.”
Both Roper and Vertafore share a belief in and commitment to the current and future strength of the insurance industry and the independent agency, and the critical role that technology will play across the entire distribution channel.
Morgan Stanley & Co. LLC served as lead financial advisor, BofA Securities and Credit Suisse also served as financial advisors, and Kirkland & Ellis LLP served as legal advisor to Vertafore.
For 50 years, Vertafore, the leader in modern insurance technology, has built and supported superior Insurtech solutions to connect every point of the distribution channel. Vertafore’s agency management, ratings, regulation, compliance, data and analytics, and connectivity products streamline workflows, improve efficiency and drive productivity for more North American insurance professionals than any other provider – including more than 20,000 agencies, over 1,000 carriers and 23 state governments. Through a continual focus on operational excellence, development of innovative solutions, and alignment with key industry partners, Vertafore is leading the way for customers of all sizes by delivering results that make a difference. For more information about Vertafore, visit vertafore.com.
About Roper Technologies
Roper Technologies is a constituent of the S&P 500, Fortune 1000, and the Russell 1000 indices. Roper operates businesses that design and develop software (both license and software-as-a-service) and engineered products and solutions for a variety of niche end markets. Additional information about Roper is available on the Company’s website at ropertech.com
About Bain Capital Private Equity
Bain Capital Private Equity (baincapitalprivateequity.com) has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since its founding in 1984. Bain Capital Private Equity’s global team of approximately 240 investment professionals creates value for its portfolio companies through its global platform and depth of expertise in key vertical industries including healthcare, consumer/retail, financial and business services, industrials, and technology, media and telecommunications. Bain Capital has 19 offices on four continents. The firm has made primary or add-on investments in more than 875 companies since its inception. In addition to private equity, Bain Capital invests across asset classes including credit, public equity, venture capital and real estate, managing approximately $100 billion in total and leveraging the firm’s shared platform to capture opportunities in strategic areas of focus.
About Vista Equity Partners
Vista is a leading global investment firm with more than $58 billion in cumulative capital commitments. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, credit, public equity and permanent capital strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com.